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- Liabilities that are not secured by specific assets are called: Multiple Choice O O O General credit obligations. Accrued liabilities. Indentures. Debt contracts.Salaries Payable, Accounts Payable, and Unearned Revenue are examples of ________. A. short−term investments B. fixed assets C. long−term liabilities D. current liabilitiesw.com/takeAssignment/takeAssignmentMain.do?invoker= &takeAssign On the balance sheet, liabilities are generally classified as O legal or nonlegal. O probable or estimated. current or long-term. material or immaterial.
- 9. Allowance for Doubtful Accounts will appear on the balance sheet as a. a contra asset. a. a contra asset. b. a contra liability a liability. d. part of the owner's capital C.Fair value is used to value which of the following balance sheet accounts? a. Prepaid expenses; patents; property, plant, and equipment b. Capital lease obligations, bonds payable c. Receivables net of allowance for doubtful accounts d. Debtsecurities available for sale, trading securitiesTrue or False: The classified balance sheet will reflect accounts receivables at net realizable value; fixed assets at net book value; and short term investments (trading securities/common stock) at their fair value/market value. O True O False
- If the going concern assumption is not made in accounting, discuss the differences in the amounts shown in the financial statements for the following items. a. Land. b. Unamortized bond premium. c. Depreciation expense on equipment. d. Inventory. e. Prepaid insurance.Solve thisWhich of the following is an assumption made in the preparation of the financial statements? Select one: a. The current market value is assumed to be less relevant than the original cost paid. b. Financial statements are prepared for a specific entity that is distinct from the entity's owners. c. The preparation of financial statements for a specific time period assumes that the balance sheet covers a designated period of time. d. Financial statements are prepared assuming that inflation