Companies value and report short-term receivables at __________________________(the net amount they expect to receive in cash.)

a. Sales allowance

b. Notes payables

c. Net Realizable Value (NRV)

d. Sales Discount

________________ is a sellers obligation to replace or correct a product (or service) that fails to perform as expected within a specified period.

a. Allowance

b. Warranty

c. Current liabilities

d. Guarantee

________________ is a potential obligation that depends on a future event arising from a past transaction or event.

a. Unearned revenue

b. Long-term liabilities

c. Contingent liability

d. Current liabilities

Net purchase price of an asset plus all reasonable and necessary expenditures to get it in place and ready for use is known as _____________________.

a. Acquisition cost

b. None of the given options

c. Depreciable cost

d. Cost of an asset