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Question Completion Status: QUESTION 21 Employee vacation benefits: Are estimated liabilities. Are contingent liabilities. Are recorded as an expense when the employee takes a vacation. Are recorded as an expense when the employee retires. QUESTION 22 Debt guarantees are: Considered to be contingent liabilities. A bad business practice. Recorded as liabilities even though it is highly unlikely that the original debtor will a Considered to be current liabilities. QUESTION 23 A bond sells at a discount when the: Contract rate is above the market rate. Contract rate is equal to the market rate. Contract rate is below the market rate. Bond pays interest only once a year. Click Save and Submit to save and submit Chek Save All Answers to save all answers Remaining Time: 22 minutes, 18 seconds. Question Completion Status: QUESTION 24 Contingent liabilities are recorded or disclosed unless they are: Probable and estimable. Remote. Reasonably possible. Probable and not estimable. QUESTION 25 A corporation's distribution of additional shares of its own stock to its stockholders without the recei any payment in return is called a Stock dividend Stock subscription Premium on stock Treasury stock QUESTION 26 value. The Discount on Common Stock account reflects: The difference between the par value of stock and its issue price when the issue price is below par One share's portion of the issued corporation's net assets recorded in its accounts An amount of assets defined by state law that stockholders must invest and leave invested in a corporation The amount a corporation must pay in addition to dividends in arrears if and when it exercises its right to retire a share of callable preferred stock Click Save and Submit to save and submit. Click Save All Answers to save all answers SAVE A

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