In a Classified Statement of fiNancial Position Which of the Following

question 139

Multiple Choice

In a classified statement of financial position which of the following is NOT true

• A) The asset and liability sections are divided into short-term and long-term sections.
• B) The long-term assets and liabilities are presented before the short- term assets and liabilities.
• C) Shareholders' equity is made up of retained earnings and share capital.
• D) The current assets are listed in order of liquidity.

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Definitions:

Stomach Ulcer

A sore that develops on the lining of the stomach, often due to infection with H. pylori or prolonged use of nonsteroidal anti-inflammatory drugs.

Lining

Material that covers the inner surface of something, used for protection, insulation, or aesthetic purposes.

Stomach

An organ in the digestive system that secretes acid and enzymes to digest food.

Scar Tissue

Fibrous tissue that forms during the healing process of a wound, potentially leading to changes in skin texture and appearance.