Asked by Kianna Hendricks on May 16, 2024
Verified
Balance sheets typically contain both "noncurrent liability" and "long-term obligation" sections.
Noncurrent Liability
Long-term financial obligations listed on a company’s balance sheet that are not due within the next 12 months.
Long-Term Obligation
A liability or debt expected to be paid or settled over a period longer than one fiscal year.
- Explain the methodology behind the valuation and presentation of different balance sheet aspects, encompassing net accounts receivable, assets, liabilities, and equity.
Verified Answer
AS
Alexis SilvaMay 17, 2024
Final Answer :
False
Explanation :
Balance sheets typically contain a "noncurrent liabilities" section, but "long-term obligations" are included within this section rather than being listed separately.
Learning Objectives
- Explain the methodology behind the valuation and presentation of different balance sheet aspects, encompassing net accounts receivable, assets, liabilities, and equity.
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