BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the most valuable asset of the company
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the specific due date for all liabilities of the company
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what liabilities must be paid within the upcoming year
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none of the above
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Detailed explanation-1: -Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.
Detailed explanation-2: -The most common current liabilities are accounts payable and accrued expenses. The long-term section lists the obligations that are not due in the next 12 months. These obligations could be 5, 10, or 30-year notes. Keep in mind a portion of these long-term notes will be due in the next 12 months.
Detailed explanation-3: -Loans payable. Deferred tax liabilities. Other non-current liabilities.
Detailed explanation-4: -A classified balance sheet includes liabilities, assets, and equity, along with subcategories, for example, current and long-term to give an idea about how long an organization will own their assets or owe liabilities.