A balance sheet prepared according to U.S.GAAP lists liabilities starting with those that the firm will discharge soonest (the most current or closest to maturity liabilities) and ending with those that it will pay latest (the most noncurrent or distant to maturity liabilities).

Question

Quizplus · Accepted Answer

This statement is true as per the U.S. GAAP guidelines for the preparation of a balance sheet. The liabilities are listed in the order of their maturity, with the most current or closest to maturity liabilities listed first and the most noncurrent or distant to maturity liabilities listed last.

A Balance Sheet Prepared According to U