Define the following terms : Current assets : Investments (define three categories ): Property, Plant, and equipment: Current liabilities : Treasury Stock: Do Web Case 7-9 Assets, Liabilities, Gains and Losses A company is required to report a liability in its balance sheet when it expects to lose a law-suit and the amount of the expected loss can be reasonably estimated . Conversely , a company is prohibited from reporting a receivable in its balance sheet when it expects to win a lawsuit even though it is probably and the amount of the expected gain can be reasonably estimated Required : Does the expected loss meet the definition of a liability found in the conceptual framework ? Explain . Does the expected gain meet the definition of an asset found in the conceptual framework ? Explain . Why do you think accountants treat these seemingly similar situations differently ? Explain