12) Which of the following items should be amortized? A) natural resources B) goodwill C) tangible...

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12) Which of the following items should be amortized? A) natural resources B) goodwill C) tangible property, plant, and equipment, other than land D) patents, copyrights, trademarks 13) Which of the following is a characteristic of a current liability? A) It cannot be settled with services. B) It is an avoidable obligation. C) It creates a present obligation for future payment of cash or services. D) It occurs because of a future transaction or event. 14) The current portion of long-term notes payable is A) the amount of principal that will be paid within five years B) typically included with the long-term liabilities on the balance sheet C) reclassified as current for reporting purposes on the balance sheet D) recorded as an adjusting entry 15) Which of the following deductions is paid by both the employer and employee? A) FICA taxes B) federal income taxes C) federal unemployment taxes D) SUTA taxes 16) Which of the following is true of a contingent liability? A) It is an actual liability that is difficult to estimate. B) It is a potential liability that depends on a future event. C) It is an actual liability that depends on a past event. D) It is a liability resulting from a lawsuit settled in court. 17) Which of the following is the amount the borrower must pay back to the bondholders at maturity? A) market value B) principal amount C) present value D) stated interest value 12) Which of the following items should be amortized? A) natural resources B) goodwill C) tangible property, plant, and equipment, other than land D) patents, copyrights, trademarks 13) Which of the following is a characteristic of a current liability? A) It cannot be settled with services. B) It is an avoidable obligation. C) It creates a present obligation for future payment of cash or services. D) It occurs because of a future transaction or event. 14) The current portion of long-term notes payable is A) the amount of principal that will be paid within five years B) typically included with the long-term liabilities on the balance sheet C) reclassified as current for reporting purposes on the balance sheet D) recorded as an adjusting entry 15) Which of the following deductions is paid by both the employer and employee? A) FICA taxes B) federal income taxes C) federal unemployment taxes D) SUTA taxes 16) Which of the following is true of a contingent liability? A) It is an actual liability that is difficult to estimate. B) It is a potential liability that depends on a future event. C) It is an actual liability that depends on a past event. D) It is a liability resulting from a lawsuit settled in court. 17) Which of the following is the amount the borrower must pay back to the bondholders at maturity? A) market value B) principal amount C) present value D) stated interest value

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Question 12 Which of the following items should be amortized D patents copyrights trademarks Amortization is most commonly used to gradually write dow... View the full answer