On the statement of financial position,assets are normally presented in and liabilities are usually presented in:
A)Their order of permanence; the order in which they become due.
B)The order in which they become due; their order of permanence.
C)Order of profitability; order of liquidity.
D)Order of liquidity; order of profitability.

Question

Quizplus · Accepted Answer

Assets are presented in order of permanence, meaning long-term assets are listed first, while liabilities are presented in the order they become due, starting with short-term liabilities.

On the Statement of Financial Position,assets Are Normally Presented in and Liabilities