Each major class of creditors and borrowings must be disclosed in the balance sheet. Which of these would not be shown as a class of creditors and borrowings?
A) taxation liabilities
B) revenue owing
C) employee benefits
D) lease liabilities

Question

Quizplus · Accepted Answer

Revenue owing would not be shown as a class of creditors and borrowings because it represents amounts that the company is owed, rather than amounts that the company owes to others. The other options (taxation liabilities, employee benefits, and lease liabilities) represent amounts that the company owes to others and would be shown as classes of creditors and borrowings on the balance sheet.

Each Major Class of Creditors and Borrowings Must Be Disclosed