Question : ---------------------- are the liabilities payable within 12 months from the date of the Balance Sheet or within the period of the Operating Cycle.
Option 1: Long term liabilities
Option 2: Current liabilities
Option 3: Debentures
Option 4: None of the above
Answer (1)
24th Jan, 2024
Correct Answer: Current liabilities
Solution : Answer = Current liabilities
Current liabilities are obligations payable within 12 months from the balance sheet date or the operating cycle. Long-term liabilities, like debentures, extend beyond this timeframe and are not considered current liabilities.
Hence, the correct option is 2.
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