05. Current assets are assets expected to be converted to cash, sold, or consumed: O a. within the next 6 months O b. within the next 2 years . within the next year or operating cycle, whichever is longer Od within the next year or operating cycle, whichever is shorter 06. The current authority which is responsible for prescribing generally accepted accounting principles in the U.S.is O a the Securities and Exchange Commission (SEC) Ob the Financial Accounting Standards Board (FASB) the American Institute of Certified Public Accountants (AICPA) Od the Accounting Principles Board (APB) . 07. Which of the following statements is true? O a Foreign issuers filing reports with the SEC can use the international accounting standards in preparing financial statements. O b. The growth of global investing has spurred development of worldwide accounting standards that are written by the Financial Accounting Standards Board of the U.S. Oc. The U.S. firms can use either U.S. GAAP or the international accounting standards Od. There are less than ten countries worldwide require the use of the international accounting standards in filing reports with their market regulators 08. Common Stock would appear on . Income Statement b. Statement of Retained Earnings Balance Sheet Statement Od Statement of Cash Flows 09. Inventory would appear on O a Income Statement Db Statement of Retained Earnings a Balance Sheet Statement Od Statement of Cash Flows