Leaming Obiective C obligatkons due to be paid within one year or the companya A) Current assets B) Current liabilinies C) Earned revenues. D) Operating cycle liabilinties E) Bills Learning Objestive: Cl nos expected to be paid within the longer of one year or the conspany's operating cycle are reported as: B) Current liabilities C) Long-term liabilities D) Operating cycle liabilities. E) Bills CI 3. Liabilities involve addressing issues of A) B) C) D) (A), (B) and (C) E) Both (A) and (C) only When to pay. Whom to pay How much to pay. Learning Objestive: CI 4. Liabilities: A) Must be certain. B) May sometimes be estimated. C) Must be for a specifie amount D) Must always have a definite date for payment E) Must involve an outflow of cash. c2 5. Accounts payable: A) Are amounts owed to suppliers for products andor services purchased on credit. B) Are long-term liabilities. C) Are estimated liabilities. D) Do not include specific due dates. E) Must be paid within 30 days. C2 Amounts received in A) Are revenues. B) Increase income. C) Are liabilities. D) Are not allowed under GAAP E) Require an outlay of cash in the future. 6. Learning Objective: C2 revenue is initially recognized with a: A) Credit to unearned revenue. B) Credit to revenue. C) Debit to revenue payable. D) Debit to revenue. E) Debit to unearned revenue