i. The Current Assers section of the balance sheet should include 1. Inventory. 2. Taxes payable. 3. Land. 4. Patents. 5. Bonds payable. k. Which of the following is not a typical current liability? 1. Accounts payable 2. Wages payable 3. Interest payable 4. Pension liabilities 5. Taxes payable 1. Which of the following is a current liability? 1. Unearned rent income 2. Prepaid interest 3. Land 4. Common stock 5. None of the above. m. Treasury stock is best classified as a 1. Current liability. 2. Current asset. 3. Reduction of stockholders' equity. 4. Contra asset. 5. Contra liability. n. Considering IFRSs, which of the following statements would be considered fase? 1. IFRSs do not require a standard format for the balance sheet. 2. With IFRSs, usually nonconcurrent assets are presented first, followed by current ace 3. Under IFRS for liabilities and owners' equity, capital and listed reserves are sall listed first, then noncurrent liabilities, and then current liabilities last. 4. The reserves section of capital and reserves would not be part of U.S. GAAP. 5. All of these items would be considered to be true. o. Considering IFRSs, which of the following statements would be considered fake? 1. When using IFRSs, local laws or securities regulations may specify disclosurs: addition to those required by IFRSs. 2. IAS introduced a number of terminology changes. The new titles for the finanst statements are not mandatory. 3. The IFRS model consolidated balance sheet, as presented by Deloitre Touste an emphasis on liquidity. 4. Under IFRS, noncontrolling interests are usually presented as the last item in tome seft 5. None of these statements would be considered false