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Question 1 (1 point) Which of the following accounts would normally be classified as a current liability? Deferred revenue. Wages expense. Dividends declared. A bank loan which matures (is due and must be repaid) in 5 years. Question 13 (1 point) On the statement of retained earnings: dividends declared are not used to calculate the end-of-year balance of retained earnings. dividends declared are subtracted to calculate the end-of-year balance of retained earnings. dividends declared are never reported. dividends declared increase net income and are added to calculate the end-of- year balance of retained earnings. Question 14 (1 point) Current liabilities are expected to be: paid within one year. converted to cash within one year. used in the business within one year. acquired within one year. Question 16 (1 point) Which of the following is NOT an example of an asset? Prepaid Insurance, Deferred revenues. Supplies Notes receivable. he Question 17 (1 point) The "normal" balance of any account is the: right side. side which decreases that account. left side. side which increases that account. Question 20 (1 point) A credit would decrease the balance in which of the following accounts? Notes Payable Inventory. Retained Earnings. Share Capital. A A