problem1: Debt and obligations of a business are referred to as

[A] Liabilities

[B] Expenses

[C] Assets

[D] Equities

problem2: A current asset is

[A] Usually found as a separate classification in the income statement.

[B] Expected to be converted to cash or used in the business within a relatively short period of time, usually less than one year.

[C] The last asset purchased by a business.

[D] An asset which is currently being used to produce a product or service.

problem3: Liabilities are generally classified on a balance sheet as

[A] Tangible liabilities and intangible liabilities

[B] Current liabilities and long-term liabilities

[C] Small liabilities and large liabilities

[D] Present liabilities and future liabilities

problem4: These are selected account balances on December 31, 2007. Land (location of the corporation's office building) $100,000 Land (held for future use) 150,000 Corporate Office Building 600,000 Inventory 200,000 Machine 450,000 Office Furniture 100,000 Accumulated Depreciation 300,000 What is the total amount of property, plant, and equipment that will appear on the balance sheet?

[A] $1,600,000

[B] $950,000

[C] $1,300,000

[D] $1,100,000