4 5 What are the five most frequently used current liabilities?and 1 Current liabilities are usually incurred mostly for financing activities. True or false? 2. What does the accounts payable turnover ratio measure? What is the equation used to express accounts payable turnover (T/O) in days? 3. Expressing the turnover ratio in terms of the average number of days it took the business to pay its suppliers' invoices is called Companies with shorter DPOS are generally better credit risks than those with longer payment periods. True or false? are notes payable due within one year (or operating cycle 5 if longer). 5 At the end of each year, a company reclassifies the portion of its long-term debt principal payments that must be paid in the next year from to a current 61 The major operating expense for a merchandising company is payroll. True or false? 10. What payroll liabilities does salary expense create? Employee Income Tax Payable, Gross pay, FICA Tax Payable A. B. Salary Payable, Employee Income Tax Payable, Union dues C. Employee Income Tax Payable, FICA Tax Payable, Salary Payable D. Healthcare, Salary Payable, FICA Tax Payable