QUESTION 6 A current liability is a debt that can reasonably be expected to be paid between 6 months and 18 months from the balance sheet date. out of cash currently on hand. out of currently recognized revenues. Within one year of the balance sheet date. QUESTION 7 Writing off a customer's account receivable will result in: Lower net receivables. Lower gross receivables. Lower net revenue. Higher bad debt expense. QUESTION 8 An account that is classified as a contra-revenue. typically has a debit balance. is subtracted from gross sales revenue to determine net sales revenue, may include sales discounts and sales returns all of the above are true