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  3. 1. which does not represent a financial liability

1. Which does not represent a financial liability Multiple Choice Cash dividends payable...

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Accounting

1. Which does not represent a financial liability

Multiple Choice

  • Cash dividends payable are dividends declared are reported as a current liability if it is payable within the coming year.

  • Dividends in arrears for preferred shares.

  • Bonus that depends on earnings of the current year.

  • Payroll taxes and withholdings.

2. A financial liability is classified as FVTPL when:

Multiple Choice

  • The company wants to avoid an accounting mismatch.

  • The company records the liability at amortized cost.

  • The financial liability is recorded as current on the statement of financial position.

  • The company expects to settle the liability at some point in the future.

3. When must a loan be reported as 'current'?

Multiple Choice

  • If due 18 months after year-end.

  • A long term loan that is in covenant breach and an agreement is reached after year-end.

  • A long term loan that is in covenant breach and an agreement is reached before year-end.

  • A long-term debt with no stated maturity date.

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