Which of the Following Statements Is True of Liabilities

question 28

Multiple Choice

Which of the following statements is true of liabilities?

• A) Accounts payable are listed in the current liabilities section in alphabetical order by vendor.
• B) Classification of current liabilities is important because of the liquidity concept.
• C) Current liabilities are listed in order of decreasing amounts in the current liability section of the balance sheet.
• D) The accounting principles followed in the U.S.differ from those of other countries; this is especially true for current liabilities.

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Definitions:

Condoms

Barrier devices used during sexual activity to reduce the probability of pregnancy and the transmission of sexually transmitted infections (STIs).

Sexually Transmitted Infection

an infection transmitted through sexual contact, caused by bacteria, viruses, or parasites.

Young People

Individuals in the stage between childhood and full adult maturity, often encompassing teenagers and young adults.

Contraceptive Methods

Various techniques or devices used to prevent pregnancy.