Asked by Jaylen manos on Jun 09, 2024
Verified
On the balance sheet, liabilities are generally classified as
A) current or long-term
B) legal or nonlegal
C) material or immaterial
D) probable or estimated
Balance Sheet
A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.
Long-Term
Refers to assets, liabilities, or investments that are expected to be held or have an effect for a period exceeding one year.
Current
Pertaining to assets or liabilities expected to be consumed, sold, or settled within one fiscal year or the operating cycle, whichever is longer.
- Acquire knowledge of the fundamental aspects and classifications of liabilities.
Verified Answer
Learning Objectives
- Acquire knowledge of the fundamental aspects and classifications of liabilities.
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