QUESTION 1 Current Liabilities are: O A Equal to Current Assets - Expenses for the period O B. By definition: ''Bad Things" C. Llabilities that are overdue for payment OD.Equal to long-term Ilablittles - Owners' Equity O Llabilities that will have to be paid within one year QUESTION 2 ITSA, Inc. had salaries payable of $18,000 at the end of last year, paid 542.000 cash for salaries this year, how would SA record the payment Some other entry O Salary Payable 42.000 Cash 42.000 Salary Expense 42.000 Cash 42.000 O Salary Expense 24.000 Salary Payable 18.000 Cash 42.000 Salary Expense 42.000 Salary Payable 18.000 Cash 60,000 QUESTION 3 The matching concept is O Recording all expenses incurred in generating the revenues of the period Assets - Llabilities + Owners' Equity O Revenues - Cost of Goods Sold - Gross Margin The same as the book value O - Debits - Credits QUESTION 4 Allowance for Doubtful Accounts is a(an) O expense account Olability account O contra account O revenue account O owners' equiry account