Which Statement About Liabilities Is Not Correct

question 17

Multiple Choice

Which statement about liabilities is not correct?

• A)Current liabilities are those that can be settled within one year.
• B)Current liabilities are those that can be settled within one operating cycle.
• C)Current liabilities are normally presented together with non-current liabilities.
• D)Certain held for trading liabilities can also be reported as current liabilities.

---

Definitions:

Free Trade Agreements

International treaties between countries to reduce or eliminate trade barriers, such as tariffs and quotas, facilitating easier and increased trade among the member countries.

Nation's Exports

The goods and services a country sells to buyers in other countries, contributing to its gross domestic product (GDP) and economic health.

Balance of Payments

A comprehensive record of a country's international transactions over a period, showing the total trade of goods, services, and financial assets between residents and non-residents.

Overall Economic Activity

The total amount of production, consumption, saving, and investment happening in an economy at any given time.