The following are normally presented in a statement of financial position as current items:
A) deferred tax liabilities;
B) trade payables;
C) deferred tax assets;
D) goodwill.

Question

Quizplus · Accepted Answer

Trade payables are considered current liabilities because they are typically due within one year or within the normal operating cycle of the business, making them a current item in the statement of financial position. Deferred tax liabilities, deferred tax assets, and goodwill are not classified as current items. Deferred taxes are related to future tax effects of current transactions and are not necessarily settled within a year, while goodwill is an intangible asset arising from business acquisitions and is not expected to be converted into cash or used up within the business's normal operating cycle.

The Following Are Normally Presented in a Statement of Financial