c. balance sheet as a liability. d. balance sheet as an item of stockholders ' equity.
31. Of the following items, the only one which should not be classified as a current liability is
a. current maturities of long-term debt. b. sales taxes payable. c. short-term obligations expected to be refinanced. d. unearned revenues. 32. An account which would be classified as a current liability is a. dividends payable in the company ' s stock. b. accounts payable— debit balances.
c. losses expected to be incurred within the next twelve months in excess of the company ' s insurance coverage.
d. none of these.
33. Which of the following is a characteristic of a current liability but not a long-term liability?
a. Unavoidable obligation.
b. Present obligation that entails settlement by probable future transfer or use of cash, goods, or services.
c. Liquidation is reasonably expected to require use of existing resources classified as current assets or create other current liabilities.