Liabilities are generally classiﬁed on a statement of ﬁnancial position as
A) small liabilities and large liabilities.
B) present liabilities and future liabilities.
C) tangible liabilities and intangible liabilities.
D) current liabilities and non-current liabilities.

Question

Quizplus · Accepted Answer

Liabilities are classified as current liabilities and non-current liabilities on a statement of financial position. Current liabilities are obligations due within one year, while non-current liabilities are obligations due after one year.

Liabilities Are Generally Classiﬁed on a Statement of ﬁNancial Position