Question 1 4.75 pts What is the definition of the Current portion of long-term debt (CPLTD) account? Sales taxes collected from customers to be remitted periodically to the state and local governments An existing, uncertain situation that might result in a loss. Based on the matching principle, the company needs to record warranty expense in the same accounting period as the sale. The amount of long-term debt principal payable within the next 12 months Question 2 4.75 pts What is the definition of a serial bond? Borrower can pay off bond early at a specified call price. Bonds that are not backed by collateral Lender can convert bonds into a specified number of shares of common stock. Bonds that are backed by collateral Bond issue that matures (principal due) on a single date. . Bond issue that matures (principal due)in installments Question 3 4.75 pts The basic form of stock issued by corporation is known as which of the following: O Common stock account O Par value of stock O Dividends account O Treasury Stock U Question 4 4.75 pts Common stockholders' usually have all of the following rights except: To share in the distribution of assets. To receive dividends when declared for the common stock shares. To vote. To make day-to-day decisions regarding the operations of the corporation Question 8 4.75 pts On 9/1, the Knight's Stop issues a new part to a customer to replace a defective part the customer purchased the previous year. The new part was issued under the two-year warranty offered on all parts sold by company. On 9/1, Knight's Stop would debit which account for the journal entry? O Warranty Expense Inventory O Warranty Payable Accounts Receivable O Cash O Current Portion Long-term Debt O Accounts Payable