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An intangible asset derives its value from the rights and privileges it provides the owner. is converted into a tangible asset during the operating cycle. is worthless because it has no physical substance. cannot be classified on the balance sheet because it lacks physical substance. QUESTION 11 Which of the following is not a liability? Unearned Service Revenue Notes Payable Prepaid Insurance Interest Payable QUESTION 12 5 0 0 0 0 An investment by the stockholders in a business increases liabilities and stockholders' equity. assets and liabilities. assets and stockholders' equity. assets only Which financial statement would best indicate whether the company relies on debt or stockholders' equity to finance its assets? Income Statement Balance Sheet Retained earnings statement Statement of cash flows QUESTION 8 On a classified balance sheet, short-term investments are classified as property, plant, and equipment a current asset a long-term investment an intangible asset QUESTION 9 Which of the following statements is correct? Dividend account results in decreases in net income and stockholders' equity and therefore have credit balances. Dividend account results in decreases in net income and stockholders' equity and therefore have debit balances Dividend account results in decreases in retained earnings and stockholders' equity and therefore have debit balances Dividend account results in increases in retained earnings and stockholders' equity and therefore have credit balances