1) Discuss how are current liabilities related by definition to current assets? How

1) Discuss how are current liabilities related by definition to current assets? How are current liabilities related to a company’s operating cycle? 2) Discuss the
accounting treatment or disclosure that should be accorded a declared but unpaid cash dividend; an accumulated but undeclared dividend on cumulative preferred
stock; a stock dividend distributable. 3) Discuss how is the present value related to the concept of a liability? 4) How are the terms “probable,” “reasonably
possible,” and “remote” related to contingent liabilities? Discuss. 5) What factors must be considered in determining whether or not to record a liability for
pending litigation? For threatened litigation? Discuss.