Which of the following statements is correct?
A)Accumulated depreciation is the amount of depreciation on the income statement.
B)Current liabilities are debts expected to be paid within one year.
C)Current assets are resources of a company that might include cash and copyrights.
D)Patents,goodwill,and deferred revenues are classified as intangible assets on the balance sheet.

Question

Quizplus · Accepted Answer

Current liabilities are indeed debts that a company expects to pay within one year or within its operating cycle, whichever is longer. This includes obligations such as accounts payable, short-term loans, and other similar debts.

Which of the Following Statements Is Correct