In a classiﬁed statement of ﬁnancial position which of the following is NOT true
A) The asset and liability sections are divided into short-term and long-term sections.
B) The long-term assets and liabilities are presented before the short- term assets and liabilities.
C) Shareholders' equity is made up of retained earnings and share capital.
D) The current assets are listed in order of liquidity.

Question

Quizplus · Accepted Answer

In a classified statement of financial position, the short-term (current) assets and liabilities are typically presented before the long-term (non-current) assets and liabilities, not the other way around as stated in option B.

In a Classiﬁed Statement of ﬁNancial Position Which of the Following