Question:
Two common subgroups for liabilities on a classified balance sheet are:
a. Current liabilities and long-term liabilities.
b. Present liabilities and operating liabilities.
c. Current liabilities and intangible liabilities.
d. General liabilities and specific liabilities.
e. Intangible liabilities and long-term liabilities.
The Balance Sheet:
The balance sheet is one of the three main financial statements prepared by companies. It consists of the assets, liabilities, and equity of a company. Assets are future economic resources and liabilities are future obligations.
Answer and Explanation:1
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Answer: a. Current liabilities and long-term liabilities.
Explanations:
Liabilities are future obligations of a company. They are listed on the...
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