Current liabilities are a.payable if a possible subsequent event occurs b.due, but not payable for more than one year c.due and receivable within one year d.due and to be paid out of current assets within one year

Current liabilities are a.payable if a possible subsequent event occurs b.due, but not payable for more than one year c.due and receivable within one year d.due and to be paid out of current assets within one year

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...

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Concept explainers

Liquidity Risk Exposure

Answer: c

Question

Current liabilities are

a.payable if a possible subsequent event occurs

b.due, but not payable for more than one year

c.due and receivable within one year

d.due and to be paid out of current assets within one year

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