Question

1. _________ are listed in the balance sheet, starting with accounts payable. 2. _________ are listed in the balance sheet in order of their expected maturity. 3. _________ should not include long-term debt that is expected to be paid within the next year. 4. _________ are obligations that the company is to pay within the forthcoming year.

Answer 1

1. Current Liabilities

2. Liabilities

3. Current Liabilities

4. Current Liabilities

Step-by-step explanation:

Account payable is classified as current asset within the balance sheet. Liabilities are arranged on the balance sheet according to expected maturity. The long-term debt to be paid paid in one year or in upcoming year is classified as current Liabilities.