Current liabilities are due:
A) but not receivable for more than one year or the current operating cycle, whichever is longer.
B) but not payable for more than one year or the current operating cylce, whichever is longer.
C) and receivable within the current operating cycle or one year, whichever is longer.
D) and payable within the current operating cycle or one year, whichever is longer.

Question

Quizplus · Accepted Answer

Current liabilities are those that are expected to be settled within the current operating cycle or one year, whichever is longer. Therefore, option D is the correct choice. The other options do not accurately describe current liabilities.

Current Liabilities Are Due