7. Is it often necessary for a corporation's management to estimate some amounts when preparing the corporation's balance sheet?

8. Depending on the specific investment and the company's intent, is it possible that some marketable securities could be reported on the company's balance sheet at their market value and some at their amortized cost as of the balance sheet date?

9 is it reasonable that the balance sheet of a sole proprietorship will tist a habity for income taxes payable?

10. Is it true or false that a corporation's balance sheet will include prepaid expenses and deferred charges as assets?

11. Which of the following is likely to have an operating cycle that is longer than one year?

12. A current asset is a company's resource such as cash and other assets that will be converted to cash within which of the following periods of time?