Typically, assets and liabilities with maturities of one _____ or less are considered to be current for financial statement purposes.
A) week
B) month
C) quarter
D) year

Question

Quizplus · Accepted Answer

According to generally accepted accounting principles (GAAP), assets and liabilities with maturities of one year or less are considered to be current for financial statement purposes. This is because they are expected to be realized or settled within the next year or operating cycle, whichever is longer. This information is typically reported on the balance sheet as current assets and current liabilities, respectively.

Typically, Assets and Liabilities with Maturities of One _____ or Less