1. Which of the following is a natural resource that is depleted over time?

• Timber

• Mining equipment

• Cash

• Inventory

2. The book value of a long-lived tangible asset is equal to:

• its acquisition cost less the accumulated depreciation from the acquisition date to the balance sheet date.

• its acquisition cost plus accumulated depreciation from the acquisition date to the balance sheet date.

• the amount that could be obtained for the asset on the balance sheet date if it were sold.

• the annual cost of carrying the asset in inventory.

3. When preparing the balance sheet for Papago Company for December 31, 2021, which item would not be classified as a current liability?

• Note payable due March 1, 2023

• Accounts payable

• Income taxes due on September 15, 2022

• The current portion of a 30-year mortgage

4. Current liabilities are due:

• but not receivable for more than one year or the current operating cycle, whichever is longer.

• but not payable for more than one year or the current operating cycle, whichever is longer.

• and receivable within the current operating cycle or one year, whichever is longer.

• and payable within the current operating cycle or one year, whichever is longer.