$1.$Why are there different methods of depreciating fixed assets?

$2.$ Why do companies depreciate $($expense$)$ a fixed asset over time versus expensing the fixed assets cost in one year?

$3.$ Define a current liability. List two examples of current liabilities and discuss.

$4.$ Define payroll liabilities. List two examples of payroll liabilities $($such as payroll taxes collected and owed to governmental units$)$ and discuss.

$5.$ Discuss the importance of internal controls over current liabilities and payroll. Give examples.

$6.$ Define a contingent liability. List two examples of contingent liabilities and discuss.