On a partner's personal statement of financial condition,assets and liabilities are presented:
I.As current and noncurrent.
II.In order of liquidity and maturity.

Question

Quizplus · Accepted Answer

The presentation of assets and liabilities in order of liquidity and maturity is a common and accepted practice in financial reporting. The classification of current and noncurrent assets and liabilities is also a common practice, but it is not required and less relevant in a personal statement. Therefore, only II is the correct choice.

On a Partner's Personal Statement of Financial Condition,assets and Liabilities