QUESTION 6

1. Internally created intangibles are recorded at cost.
2. True
3. False

QUESTION 7

1. The cost of acquiring a customer list from another company is recorded as an intangible asset.
2. True
3. False

QUESTION 8

1. Dividends in arrears on cumulative preferred stock should be recorded as a current liability.
2. True
3. False

QUESTION 9

1. Companies report the amount of social security taxes withheld from employees as well as the companies' matching portion as current liabilities until they are remitted.
2. True
3. False

QUESTION 10

1. If a company plans to retire long-term debt this year, it should report the debt as current.
2. True
3. False