Question 12 (1 point) Ordinary repairs and maintenance are always: recorded as expenses recorded as liabilities part of the asset cost of the equipment improve the asset beyond the current accounting period Question 13 (1 point) Dividends are paid when approved by the: shareholders directors creditors management Question 14 (1 point) During the year, a company's assets rise $56,000 and its liabilities rise $38,000. If no dividend is paid and no further capital is contributed, shareholders' equity would: decrease $94,000 decrease $38,000 increase $56,000 increase $18,000 Question 15 (1 point) Long-term liabilities are significant to users for all of the following reasons, except it has an impact on the firm's liquidity. it affects the company for many years in to the future it provides information about the health of employee pension plans. it provides information on potential litigation and contractual obligations