Reference no: EM132933441

Problem 1: The characteristics of a liability include:

A) Occurrence of a past event or transaction

B) Requirement of future payment of assets or delivery of services

C) A liability can be current or non-current

D) Existence of a present obligation

E) All of the above

Problem 2: Employers should record payroll deductions from employee gross pay as

A) Employee receivables

B) Current Liabilities

C) Payroll Tax expense

D) Wages Payable

E) Employee Wage Expense

Problem 3: Which of the following is NOT an intangible asset

A) Patent

B) Leaseholds

C) Trademarks

D) Goodwill

E) Mineral Resources