Question 1 (1 point) Saved The following are all estimates that companies are permitted to use when calculating depreciation expense, EXCEPT: Useful Life of the Asset Historical Cost to Acquire Asset Residual (a.k.a. Salvage) Value of the Asset # of total units that the equipment is expected to produce over it's lifetime Question 2 (1 point) Saved Inventory is excluded from current assets in the quick ratio because inventory is not as easily converted into cash. True False Question 3 (1 point) Saved A contingent liability the is probable and cannot be reasonably estimated is recorded: In the financial statements O In the notes to the financial statements Neither in the financial statements or the notes Question 4 (1 point) Contingent liabilities include all of the following except: O Product warranties O Lawsuits Environmental Cleanup Costs Accounts Payable O Credit Guarantees Question 10 (1 point) For any particular asset, the depreciation expense recognized in a particular year will be the same regardless of which method is used to estimate the depreciation expense. True False