Asked by
Keanne Herrera
on Oct 28, 2024
Verified
Which of the following statements is correct?
A) Accumulated depreciation is the amount of depreciation on the income statement.
B) Current liabilities are debts expected to be paid within one year.
C) Current assets are resources of a company that might include cash and copyrights.
D) Patents,goodwill,and deferred revenues are classified as intangible assets on the balance sheet.
Current Liabilities
short-term financial obligations that are due within one year or within the normal business cycle.
Intangible Assets
Non-physical assets possessed by a company, such as patents, trademarks, and copyrights, that are expected to generate economic benefits.
- Recognize the treatment and classification of assets and expenses on financial statements.
Verified Answer
IH
Learning Objectives
- Recognize the treatment and classification of assets and expenses on financial statements.