The Statement of Financial Position Is Normally Presented as Follows

question 58

True/False

The statement of financial position is normally presented as follows, when ordered in order of reverse liquidity: Non-current assets, current assets, shareholders' equity, non-current liabilities, and current liabilities.

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Definitions:

Duty

A moral or legal obligation; a responsibility or task required by one's position, status, or law.

Prospectus

A public document disclosing relevant information about a corporation.

Expected Performance

Refers to the anticipated fulfillment of contractual obligations by the involved parties.

Internal Document

A document intended for use within a particular organization or group, not for public distribution.