22. Treasury stock is A) stock issued by the U.S. Treasury Department. B) stock purchased by a corporation and held as an investment in its treasury C) corporate stock issued by the treasurer of a company. D) a corporation's own stock, which has been reacquired and held for future use. 23. A current liability is a debt that can reasonably be expected to be paid A) within one year, or the operating cycle, whichever is longer. B) between 6 months and 18 months. C) out of currently recognized revenues. D) out of cash currently on hand. 24. The current portion of long-term debt should A) be paid immediately B) be reclassified as a current liability. C) be classified as a long-term liability. D) not be separated from the long-term portion of debt. 25. All of the following statements regarding impairments are true except an impairment is a permanent decline in an asset's market value. after an impairment write-down, depreciation is generally lower in a subsequent periods. immediate recognition of impairment write-downs is now required. impairments are generally recorded when the book value falls below the market value. A) B) C) D) 26. Internal control is defined, in part, as a plan that safeguards A) all balance sheet accounts. B) assets. C) liabilities. D) capital stock. 27. The receivable that is usually evidenced by a formal instrument of credit is a(n) A) B) C) D) trade receivable. note receivable. accounts receivable. income tax receivable