Question 4. 4. (TCO D) Which of the following is a current liability?
(Points : 5)
A long-term debt maturing currently, which is to be paid with
cash in a sinking fund
A long-term debt maturing currently, which is to be retired
with proceeds from a new debt issue
A long-term debt maturing currently, which is to be converted
into common stock
A long-term debt maturing currently, which is to be paid with
current assets
Question 5. 5. (TCO D) A contingent liability (Points : 5)
definitely exists as a liability but its amount and due date are
indeterminable.
is accrued even though not reasonably estimated.
is not disclosed in the financial statements.
is the result of a loss contingency.