Liabilities are classified on the balance sheet as current or:
A) unearned.
B) deferred.
C) long-term.
D) accrued

Question

Quizplus · Accepted Answer

Liabilities on the balance sheet are classified into two categories: current liabilities that are due within one year, and long-term liabilities that are due in more than one year. Unearned revenue, deferred revenue, and accrued expenses can all be classified as either current or long-term liabilities depending on when they are due. However, they are not a separate category of liabilities.

Liabilities Are Classified on the Balance Sheet as Current Or