Intermediate Accounting, Volume 2, 10th Canadian Edition Test Bank

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CHAPTER 13NON-FINANCIAL AND CURRENT LIABILITIESSUMMARY OF QUESTION TYPES BY LEARNING OBJECTIVE ANDLEVEL OF DIFFICULTYItemLOLODItemLOLODItemLOLODItemLOLODMultiple Choice–Conceptual1.2E10.3E19.4H28.8M2.2E11.3M20.4M29.8M3.2M12.3E21.4M30.8M4.3E13.3M22.5M31.9M5.3M14.3E23.5E32.9M6.3M15.3,7M24.5M33.9M7.3E16.4M25.7M34.10E8.3M17.4M26.7M35.10M9.3M18.4M27.7M36.10HMultiple Choice–Computational37.3E43.3H49.5M55.7M38.3H44.3M50.5M56.8M39.3M45.4M51.6M57.8M40.3M46.4M52.7M58.9M41.3H47.4H53.7H59.9E42.3M48.4H54.7H60.9HMultiple Choice–CPA Adapted61.3M64.3E67.5M70.7H62.3M65.4M68.6M71.8M63.3M66.4M69.6MExercises72.3M74.4M76.5M78.7H73.3M75.4H77.7H79.8MProblems80.2E83.4M86.7M81.3M84.5,8H87.7H82.3H85.7H88.8MNote:E = EasyM = MediumH = Hard

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Test Bank for Intermediate Accounting, Tenth Canadian Edition13-2SUMMARY OF LEARNING OBJECTIVES BY QUESTION TYPEItemTypeItemTypeItemTypeItemTypeItemTypeItemTypeLearning Objective21.MC2.MC3.MC80.PrLearning Objective34.MC9.MC14.MC40.MC61.MC73.Ex5.MC10.MC15.MC41.MC62.MC81.Pr6.MC11.MC37.MC42.MC63.MC82.Pr7.MC12.MC38.MC43.MC64.MC8.MC13.MC39.MC44.MC72.ExLearning Objective416.MC19.MC45.MC48.MC74.Ex17.MC20.MC46.MC65.MC75.Ex18.MC21.MC47.MC66.MC83.PrLearning Objective522.MC24.MC50.MC76.Ex23.MC49.MC67.MC84.PrLearning Objective651.MC68.MC69.MCLearning Objective715.MC27.MC54.MC77.Ex86.Pr25.MC52.MC55.MC78.Ex87.Pr26.MC53.MC70.MC85.PrLearning Objective828.MC30.MC57.MC79.Ex88.Pr29.MC56.MC71.MC84.PrLearning Objective931.MC32.MC33.MC58.MC59.MC60.MCLearning Objective1034.MC35.MC36.MCNote:MC = Multiple ChoiceEx = ExercisePr = Problem

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Non-Financial and Current Liabilities13-3CHAPTER STUDY OBJECTIVES1.Understand the importance of non-financial and current liabilities from a businessperspective.Cash flow management is a key control factor for most businesses. Takingadvantage of supplier discounts for prompt payment is one step companies can take. Control ofexpenses and related accounts payable can improve the efficiency of a business, and can beparticularly important during economic downturns.2.Define liabilities, distinguish financial liabilities from other liabilities, and identify howthey are measured.Liabilities are defined as present obligations of an entity arising from pasttransactions or events that are settled through a transfer of economic resources in the future.They must be enforceable on the entity. Financial liabilities are a subset of liabilities. They arecontractual obligations to deliver cash or other financial assets to another party, or to exchangefinancial instruments with another party under conditions that are potentially unfavourable.Financial liabilities are initially recognized at fair value, and subsequently either at amortizedcost or fair value. ASPE does not specify how non-financial liabilities are measured. However,unearned revenues are generally measured at the fair value of the goods or services to bedelivered in the future, while others are measured at the best estimate of the resources neededto settle the obligation. Under IFRS, non-financial liabilities other than unearned revenues aremeasured at the best estimate of the amount the entity would rationally pay at the date of thestatement of financial position to settle the present obligation.3.Define current liabilities and identify and account for common types of currentliabilities.Current liabilities are obligations that are payable within one year from the date of thestatement of financial position or within the operating cycle if the cycle is longer than a year.IFRS also includes liabilities held for trading and any obligation where the entity does not havean unconditional right to defer settlement beyond 12 months after the date of the statement offinancial position. There are several types of current liabilities. The most common are accountsand notes payable, and payroll-related obligations.4.Identify and account for the major types of employee-related liabilities.Employee-related liabilities include (1) payroll deductions, (2) compensated absences, and (3) profit-sharing and bonus agreements. Payroll deductions are amounts that are withheld fromemployees and result in an obligation to the government or other party. The employer’smatching contributions are also included in this obligation. Compensated absences earned byemployees are company obligations that are recognized as employees earn an entitlement tothem, as long as they can be reasonably measured. Bonuses based on income are accrued asan expense and liability as the income is earned.5.Explain the recognition, measurement, and disclosure requirements fordecommissioning and restoration obligations.A decommissioning, restoration, or assetretirement obligation (ARO) is an estimate of the costs a company is obliged to incur when itretires certain assets. It is recorded as a liability and is usually long-term in nature. Under ASPE,only legal obligations are recognized. They are measured at the best estimate of the cost tosettle them at the date of the statement of financial position, and the associated cost is included

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Test Bank for Intermediate Accounting, Tenth Canadian Edition13-4as part of the cost of property, plant, and equipment. Under IFRS, both legal and constructiveobligations are recognized. They are measured at the amount the entity would rationally pay tobe relieved of the obligation, and are capitalized as part of PP&E or to inventory, if due toproduction activities. Over time, the liability is increased for the time value of money and theasset costs are amortized to expense. Entities disclose information about the nature of theobligation and how it is measured, with more disclosures required under IFRS than ASPE.6.Explain the issues and account for unearned revenues.When an entity receivesproceeds in advance or for multiple deliverables, unearned revenue is recognized to the extentthe entity has not yet performed. This is measured at the fair value of the remaining goods orservices that will be delivered. When costs remain to be incurred in revenue transactions wherethe revenue is considered earned and has been recognized, estimated liabilities and expensesare recognized at the best estimate of the application of the matching concept.7.Explain the issues and account for product guarantees and other customer programobligations.Historically, an expense approach has been used to account for the outstandingliability, but some recent standards have moved toward the revenue approach. Under theexpense approach, the outstanding liability is measured at the cost of the economic resourcesneeded to meet the obligation. The assumption is that along with the liability that is required tobe recognized at the reporting date, the associated expense needs to be measured andmatched with the revenues of the period. Under the revenue approach, the outstanding liabilityis measured at the value of the obligation. The proceeds received for any goods or services yetto be delivered or performed are considered to be unearned at the point of sale. Until therevenue is earned, the obligation—the liability—is reported at its sales or fair value. The liabilityis then reduced as the revenue is earned.8.Explain and account for contingencies and uncertain commitments, and identify theaccounting and reporting requirements for guarantees and commitments.Under existingstandards, a loss is accrued and a liability recognized if (1) information that is available beforethe issuance of the financial statements shows that it is likely (or more likely than not underIFRS) that a liability has been incurred at the date of the financial statements, and (2) the lossamount can be reasonably estimated (under IFRS, it would be a rare situation where this couldnot be done). An alternative approach likely to be required in new standards being developed bythe IASB is described in the Looking Ahead section of the chapter.Guarantees in general are accounted for similarly to contingencies. Commitments, orcontractual obligations, do not usually result in a liability at the date of the statement of financialposition. Information about specific types of outstanding commitments is reported at the date ofthe statement of financial position.9.Indicate how non-financial and current liabilities are presented and analyzed.Currentliability accounts are commonly presented as the first classification in the liability section of thestatement of financial position, although under IFRS, a common presentation is to presentcurrent assets and liabilities at the bottom of the statement. Within the current liability section,the accounts may be listed in order of their maturity or in order of their liquidation preference.IFRS requires information about and reconciliations of any provisions. Additional information isprovided so that there is enough to meet the requirement of full disclosure. Information aboutunrecognized loss contingencies is reported in notes to the financial statements, including their

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Non-Financial and Current Liabilities13-5nature and estimates of possible losses. Commitments at year end that are significant in size,risk, or time are disclosed in the notes to the financial statements, with significantly moreinformation required under IFRS. Three common ratios used to analyze liquidity are the current,acid-test, and days payables outstanding ratios.10. Identify differences in accounting between IFRS and ASPE and what changes areexpected in the near future.Private enterprise and international standards are substantiallythe same. However, there are some classification differences. ASPE does not address“provisions,” and there are differences related to which decommissioning and restorationliabilities are recognized and how the costs are capitalized, and how the probability andmeasurement criteria are applied to contingencies. In addition, requires considerably moredisclosure. Looking ahead, revisions to the existing standards are being proposed by the IASBand FASB that will likely be applied, at least in part, underCICA Handbook, Part II in the future.The major changes relate to the recognition and measurement standards for non-financialliabilities.

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Test Bank for Intermediate Accounting, Tenth Canadian Edition13-6MULTIPLE CHOICE—ConceptualAnswerNo.Descriptionc1.Essential characteristics of liabilitiesc2.Constructive obligationb3.Recognition and accounting for financial liabilitiesa4.Classification of notes payabled5.Zero-interest-bearing notesc6.Refinancing of long-term debtsb7.Identify item that is not a current liability.c8.Identify the current liability.d9.Classification of stock dividends distributablea10.Goods and Services Taxb11.Identify current liability.c12.Accounting for GSTa13.Provincial Sales Taxb14.Corporation income taxd15.Current liabilities in general - determine false statementc16.Determine employer’s payroll costsb17.Accumulating rights to benefitsc18.Accrual of liability for compensated absencesb19.Non-accumulating rights to benefitsd20.Methods of calculating employee bonusesc21.Definition of a provisiond22.Recognition of an asset retirement obligationc23.Recognition of an asset retirement obligationa24.Recording accretion expense for AROc25.Revenue approach for product guaranteesd26.Determine false statement regarding warrantiesb27.Accounting for premiums and couponsc28.Recognition of contingencies (ASPE)a29.Recognition of contingencies (IFRS)d30.Accrual of contingent liabilityc31.Disclosure of commitmentsd32.Acid-test ratio elementsc33.Days payable outstanding elementsb34.Essential characteristics of liabilitiesc35.Proposed amendments regarding provisions and contingenciesd36.IFRS re customer loyalty programs

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Non-Financial and Current Liabilities13-7MULTIPLE CHOICE—ComputationalAnswerNo.Descriptionb37.Adjusting entry for zero-interest-bearing noted38.Journal entry for payment of interest-bearing noteb39.Determine amount of short-term debt to be reported.d40.Determine amount of short-term debt to be reported.b41.Calculate accounts receivable including sales taxes.c42.Calculate cost of purchase for own use.d43.Payment of GSTc44.Adjusting entry for corporate income taxb45.Calculate payroll tax expense.b46.Calculate vacation pay expense to be reported.c47.Calculate accrued vacation pay liability.b48.Calculate net pay.d49.Entry for asset retirement obligationb50.Entry for asset retirement obligation accretionc51.Adjusting entry for unearned revenuea52.Expense approach to warrantya53.Revenue approach to warrantyc54.Calculate warranty liability (expense approach).a55.Calculate liability for unredeemed coupons.b56.Determine amount to accrue as a loss contingency.d57.Determine amount to accrue as a gain contingency.c58.Calculate quick (acid-test) ratio.d59.Calculate current ratio.a60.Calculate days payables outstanding.MULTIPLE CHOICE—CPA AdaptedAnswerNo.Descriptiona61.Knowledge of accounts payabled62.Determine amount of short-term debt to be reported.c63.Calculate accrued interest payable.c64.Calculate HST collected.a65.Calculate accrued salaries payable.b66.Accrual of payroll taxesb67.Calculate asset retirement obligation.b68.Determine current and long-term portions of debt.b69.Calculate unearned service contract revenue.c70.Calculate liability from unredeemed trading stamps.d71.Determine range of loss accrual.

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Test Bank for Intermediate Accounting, Tenth Canadian Edition13-8EXERCISESItemDescriptionE13-72Notes payableE13-73Sales taxesE13-74Payroll entriesE13-75Compensated absencesE13-76Asset retirement obligationE13-77PremiumsE13-78PremiumsE13-79Contingent liabilitiesPROBLEMSItemDescriptionP13-80Common types of current liabilitiesP13-81Accounts and notes payableP13-82Refinancing of short-term debtP13-83Employee related liabilitiesP13-84Asset retirement obligationP13-85PremiumsP13-86WarrantiesP13-87Unredeemed couponsP13-88Contingences

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Non-Financial and Current Liabilities13-9MULTIPLE CHOICE—Conceptual1. According to the existing IFRS and the CICA Handbook Part II guidelines, which of thefollowing is NOT an essential characteristic of a liability?a. It embodies a duty or responsibility.b. The transaction or event that obliges the entity has occurred.c. The obligation is enforceable on the obligor entity.d. The entity has little or no discretion to avoid the duty.2. A constructive obligation arises whena. the entity is legally obligated to honour the obligation.b. the entity makes an unconditional promise to pay money in the future.c. past or present company practice reveals the entity acknowledges a potential economicburden.d. the entity has a conditional obligation which becomes unconditional if an uncertain futureevent occurs.3. Which of the following statements is NOT true about recognition and subsequent accountingfor financial liabilities?a. They are initially recognized at their fair value.b. After acquisition, they continue to be accounted for at fair value.c. After acquisition, they are generally accounted for at amortized cost.d. Short term liabilities, such as accounts payable, are usually recorded at their maturityvalue.4. Among Oslo Corp.’s short-term obligations, on its most recent statement of financial positiondate, are notes payable totalling $250,000 with the Provincial Bank. These are 90-day notes,renewable for another 90-day period. These notes should be classified on Oslo’s statement offinancial position asa. current liabilities.b. deferred charges.c. long-term liabilities.d. shareholders’ equity.5. Regarding zero-interest-bearing notes,a. they do not have an interest component.b. the debtor receives the future value of the note and pays back the present value.c. any interest is never recognized until the note is repaid.d. the debtor receives the present value of the note and pays back the future value.6. Under IFRS, even if the entity plans to refinance long term debt, the current portion must bereported as a current liability UNLESSa. long term financing has been completed after the statement of financial position date, butbefore the financial statements are released.

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Test Bank for Intermediate Accounting, Tenth Canadian Edition13-10b. management intends to refinance the debt on a long-term basis.c. at statement of financial position date, the entity expects to refinance under an existingagreement for at least a year, and the decision is solely at its discretion.d. management intends to discharge the debt by issuing shares.7. Which of the following should NOT be included in the current liabilities section of thestatement of financial position?a. trade accounts payableb. current portion of long term debt to be retired by non-current assetsc. short-term zero-interest-bearing notes payabled. a liability due on demand (callable debt)8. Which of the following is a current liability?a. preferred dividends in arrearsb. stock dividends distributablec. preferred cash dividends payabled. stock splits9. Stock dividends distributable should be classified on thea. income statement as an expense.b. statement of financial position as an asset.c. statement of financial position as a liability.d. statement of financial position as an item of shareholders' equity.10. Goods and Services Tax (GST)a. is a value added tax.b. is a sales tax charged by each province on all taxable goods.c. in some provinces, is an income tax.d. must be collected by all businesses in Canada.11. Which of the following may be classified as a current liability?a. stock dividends distributableb. accounts receivable credit balancesc. losses expected to be incurred within the next twelve months in excess of the company'sinsurance coveraged. tenant’s rent deposit not returnable until the end of a long-term lease12. Accounting for GST includesa. crediting GST Payable to record GST paid on inventory for resale.b. crediting GST Recoverable to record GST collected from customers.c. debiting GST Recoverable to record GST paid to suppliers.d. debiting GST Payable to record GST collected from customers.13. Regarding Provincial Sales Tax (PST)

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Non-Financial and Current Liabilities13-11a. the purchaser includes any PST paid in the cost of the goods or services.b. all PST paid is recorded in a “PST Expense” account.c. all PST paid is recorded in a “PST Recoverable” account.d. for statement of financial position presentation, a PST registrant “nets” any PST paidagainst any PST collected from customers.14. Corporation income taxes payablea. must always be approved by an external auditor.b. are reviewed and approved by Canada Revenue Agency (CRA).c. also apply to proprietorships and partnerships.d. are always the same under GAAP and Canadian tax laws.15. Which of the following statements is FALSE?a. Under IFRS, a company may exclude a short-term obligation from current liabilities if, atstatement of financial position date, the entity expects to refinance under an existingagreement for at least a year, and the decision is solely at its discretion.b. Cash dividends should be recorded as a liability when they are declared by the board ofdirectors.c. Under the cash basis method, warranty costs are charged to expense as they are paid.d. Federal income taxes withheld from employees' payroll cheques should be recorded asa long-term liability.16. Which of the following are included in the employer's “Payroll Tax Expense”?a. employee income tax deducted, employer portion of CPP/QPP and EIb. employer portion of CPP/QPP and EI, union duesc. employer portion of CPP/QPP and EI onlyd. employer portion of EI, union dues, and employee income tax deducted17. Accumulating rights to benefits (for employees)a. are rarely mandated by provincial labour law.b. include vested rights that do not depend on the employee’s continued service.c. are rights that do not accrue with employee service.d. are not accrued as an expense in the period earned.18. A liability for compensated absences such as vacations, for which it is expected thatemployees will be paid, shoulda. be accrued during the period when the compensated time is expected to be used byemployees.b. be accrued during the period following vesting.c. be accrued during the period when earned.d. not be accrued unless a written contractual obligation exists.19. Non-accumulating rights to benefits, such as parental leave, are generally accounted for bya. the full accrual method.b. the event accrual method.

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Test Bank for Intermediate Accounting, Tenth Canadian Edition13-12c. the cash method.d. financial statement note disclosure only.20. Which of the following is generally NOT used as a basis for calculating bonuses or profitsharing amounts?a. a percentage of the employees’ regular pay ratesb. the company’s pre-tax incomec. productivity increasesd. gross sales21. Under IFRS, a provision isa. a special fund set aside to pay long-term debt.b. unearned revenue.c. a liability of uncertain timing or amount.d. an allowance for future dividends to be paid.22. At the time of recognition of an asset retirement obligation, the present value should bea. recorded as a separate long-term asset and as an asset retirement obligation.b. expensed and recorded as an asset retirement obligation.c. expensed to “Asset Retirement Expense” in the period actually paid.d. added to the related asset cost and recorded as an asset retirement obligation.23. Under ASPE, an asset retirement obligation should be recognized whena. an asset is impaired and is available for sale.b. operation of an asset has resulted in an additional obligation such as the cost of cleaningup an oil spill.c. there is a legal obligation to restore the site of the asset at the end of its useful life.d. the company has an obligation to purchase a long-lived asset.24. Which of the following statements is INCORRECT regarding the recording of the relatedincrease or accretion in the carrying amount of an asset retirement obligation (ARO)?a. Under ASPE, it is recognized as interest expense.b. Under ASPE, it is recognized as an operating expense (but not as interest expense).c. Under IFRS, it is recognized as a borrowing cost.d. The amount should be calculated using the same discount (interest rate) as was usedto calculate the initial present value of the ARO.25. Using the revenue approach of accounting for product guarantees and warranty obligationsa. the liability is measured at the estimated cost of meeting the obligation.b. there is no effect on future income.c. the liability is measured at the value of the services to be provided.d. the liability is measured at the value of the services to be provided, but there is noeffect on future income.

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Non-Financial and Current Liabilities13-1326. Which of the following statements is INCORRECT concerning warranties?a. Using the expense approach, the warranty is provided with the product or service with noadditional fee.b. Where warranty costs are immaterial or when the warranty period is quite short, thewarranty costs may be accounted for using the cash basis.c. Using the revenue approach, the warranty is a separate deliverable from the relatedproduct or service.d. The revenue approach must be used for income tax purposes.27. The current (commonly used) accounting treatment for premiums and coupons requires thatthe costs shoulda. be recorded at the maximum possible redemption cost in the year of the related sales.b. be recorded at the total estimated redemption cost in the year of the related sales.c. be recorded in the year(s) that the redemption is expected to occur.d. not be recorded at all.28. Under ASPE, a contingent liability is recognized ifa. it is certain that funds are available to settle the contingency.b. an asset may have been impaired.c. the amount of the loss can be reasonably estimated and it is likely that an asset hasbeen impaired or a liability incurred as of the financial statement date.d. it is likely that an asset has been impaired or a liability incurred even though the amountof the loss cannot be reasonably estimated.29. Under current IFRS requirements, a provision is recognized ifa. the amount of the loss can be reliably measured and it is probable that an asset hasbeen impaired or a liability incurred as of the financial statement date.b. the amount of the loss cannot be measured reliably but it is probable that an asset hasbeen impaired or a liability incurred as of the financial statement date.c. it relates to a lawsuit commenced after the statement of financial position date, theoutcome of which can be reliably measured.d. it relates to an asset recognized as impaired after the statement of financial positiondate.30. Which of the following may NOTbe accrued as a contingent liability?a. threat of expropriation of assetsb. pending or threatened litigationc. guarantees of indebtedness of other.d. potential income tax refunds31. Which of the following commitments would NOT require disclosure in the financial statementnotes?a. major property, plant and equipment expendituresb. payments under non-cancellable operating leasesc. large purchases of materials in the normal course of businessd. commitments involving significant risk

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Test Bank for Intermediate Accounting, Tenth Canadian Edition13-1432. The numerator of the acid-test ratio consists ofa. total current assets.b. cash and marketable securities.c. cash and net receivables.d. cash, marketable securities, and net receivables.33. The denominator of the days payable outstanding ratio can bea. average daily sales.b. average trade accounts payable.c. average daily cost of goods sold.d. average trade accounts receivable.34. According to the IASB current proposed definition, which of the following is NOT anessential characteristic of a liability?a. It exists in the present time.b. There is certainty about the amount of future outflows.c. The obligation is enforceable on the obligor entity.d. It represents an economic burden or obligation.35. According to theExposure Draft of Proposed Amendments to IAS 37, Provisions,Contingent Liabilities and Contingent Assetsa. only conditional obligations are recorded.b. liabilities must have measurement certainty.c. the term “contingent liabilities” is eliminated.d. a conditional obligation related to an unconditional obligation is not recognized.36. What are the current International Financial Reporting Standards regarding customer loyaltyprograms (such as frequent flyer points)?a. They are recognized only in the financial statement notes.b. They are recognized only when customers redeem their points.c. They are not explicitly addressed.d. The current proceeds are to be split between the original transaction and the awardcredits (as unearned revenue).

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Non-Financial and Current Liabilities13-15MULTIPLE CHOICE ANSWERS—ConceptualItemAns.ItemAns.ItemAns.ItemAns.ItemAns.ItemAns.1.c7.b13.a19.b25.c31.c2.c8.c14.b20.d26.d32.d3.b9.d15.d21.c27.b33.c4.a10.a16.c22.d28.c34.b5.d11.b17.b23.c29.a35.c6.c12.c18.c24.a30.d36.d

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