Question 6. 6.A current liability is a debt that can reasonably be expected to be paid _______.(Points : 2) between 6 months and 18 months out of currently recognized revenues within one year out of cash currently on hand
Question 7. 7.What is the effect of a stock dividend on the balance sheet?(Points : 2) Decrease total assets and decrease total stockholders’ equity Decrease total assets and increase total stockholders’ equity Increase total liabilities and decrease total stockholders’ equity No effect on total assets, total liabilities, or total stockholders’ equity
Question 8. 8.Where is interest expense listed on the income statement?(Points : 2) Other expense section Cost of merchandise sold Operating expenses Interest expense is on the balance sheet, not the income statement
Question 9. 9.Which of the following is usually NOT a prerequisite to paying a cash dividend?(Points : 2) Formal action by the board of directors Market value in excess of par value per share Sufficient cash Sufficient retained earnings
Question 10. 10.When the contract rate of interest on bonds is higher than the market rate of interest, the bonds sell at(Points : 2) premium their face value their maturity value. a discount
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