Reference no: EM132704344

Problem 1: A current liability is a debt that can reasonably expected to be repaid

Option 1: out of currently recognized revenues.

Option 2: out of cash currently on hand.

Option 3: between 6 months and 18 months.

Option 4: -within one year.

Problem 2: Which of the following would not be considered an intangible asset?

Option 1: A copyright

Option 2: Trademark

Option 3: Goodwill

Option 4: A mineral deposit

Option 5: A patent

Problem 3: The current maturities of long-term debt

Option 1: should be paid immediately.

Option 2: represent the amount of principal payments that are due in the next year.

Option 3: -should be reported as a long-term liability.

Option 4: should not be separated from the long-term portion of debt.

Problem 1: The cost of a product warranty should be recorded as an expense in the

Option 1: same period that the product is sold

Option 2: period the cash is collected for a product sold on account

Option 3: future period when the cost of repairing the product is paid

Option 4: future period when the product is repaired or replaced