33) - 33) The balance in the Accumulated Depreciation account represents: A) The amount charged to expense in the current period. B) A contra expense account. C) A cash fund to be used to replace plant assets. D) The amount charged to depreciation expense since the acquisition of the plant asset. 34) The book value of an asset is equal to the: A) Replacement Cost. B) Asset's cost less accumulated depreciation. C) Asset's fair value less its historical cost. D) Historical cost plus accumulated depreciation. 35) - 35) Which of the following statements is true regarding the amortization of intangible assets? A) Intangible assets with a limited useful life are not amortized. B) The service life of an intangible asset is always equal to its legal life. C) The expected residual value of most intangible assets is zero. D) In recording amortization, Accumulated Amortization is always credited. 36) - 36) Current Liabilities: A) May include contingent liabilities. B) Include obligations payable within one year or one operating cycle, whichever is shorter. C) Can be satisfied only with the payment of cash. D) Are preferred by most companies over long-term liabilities. 37) 37) Which of the following is not deducted from an employee's salary? A) FICA Tax B) Unemployment Taxes C) Income Taxes D) Employee portion of insurance and retirement payments 38) The seller collects sales taxes from the customer at the time of sale and reports the sales taxes as: A) Sales Tax Expense B) Sales Tax Revenue C) Sales Tax Receivable D) Sales Tax Payable