Which of the following items are normally classified as 'current' in a statement of financial position?
I. deferred tax liabilities.
II. accounts payable.
III. inventories.
IV. goodwill.
A) II and III
B) III and IV
C) I, III and IV
D) I, II, III and IV

Question

Quizplus · Accepted Answer

Deferred tax liabilities are generally classified as non-current liabilities as they are expected to be settled after more than one year. Accounts payable and inventories are normally classified as current assets or liabilities as they are expected to be settled within one year. Goodwill is usually classified as a non-current asset.

Which of the Following Items Are Normally Classified as 'Current