Question 1 (3 points) Saved 1. Under which set of rules is the term "revaluation surplus" permitted? OA. US GAAP OB. IFRS OC. MARTIAN GAAP Question 2 (3 points) Saved 2. The acid-test ratio excludes which of the following from the numerator? O A. Cash OB. Receivables OC. Inventory OD. Short-term investments Question 3 (3 points) Saved 3. The "record date" is the date on which a company must record a liability to pay a cash dividend. True False O Question 4 (3 points) Saved 4. When should a gain contingency be recorded? O A. When receipt is probable OB. When it is received OC. When it can be estimated O D. None of the above Question 5 (3 points) Saved 5. If the chance of an unfavorable outcome on a contingent liability is remote, it only needs to be disclosed in the footnotes to the financial statements. True False Question 6 (3 points) Saved 6. In order for a contingent liability to be recorded, a loss must be: O A. Probable OB. Settled OC. Able to be estimated OD. Both A and C O E. Both B and C