21. Which of the following is a characteristic of a liability? a. It arises from a present obligation b. It is a probable future benefit c. It is used to earn profit in a business, d. It includes only those obligations arising from passage of time. e. It is amortized over the life of the debt. 22. Carter Co. placed an order for a machine on January 5. The company received the machine on January 20. The company installed the machine on 29 January and started production from 1 February. The company paid the amount due for the machine on February 5. On which date will Carter recognize the liability for the purchase of machine? a. 5 January b. 20 January c. 29 January d. 1" February esh February 23. Which of the following is most likely to be classified as a noncurrent liability? a. Bonds Payable b. Accounts Payable c. Interest Payable d. Rent Payable c. Salaries Payable I 24. Which of the following is most likely to be classified as a current liability? a Long-term Leases b. Employee Pension c. Bonds Payable d. Notes Payable e. Uneamed Revenue 25. Current ratio measures a company's a profitability b. liquidity c. long-term solvency, di return on capital c. turnover 26. Rollins Corporation has the following assets and liabilities 1273 words English (United States) Focus tv & w