Question : Due to be Settled within 12 Months from the Date of the Balance Sheet: A liability is classified or shown as ------.
Option 1: Non – current liabilities
Option 2: Current liabilities
Option 3: Current assets
Option 4: Non – current assets
Answer (1)
8th Jan, 2024
Correct Answer: Current liabilities
Solution : Answer = Current liabilities
Liabilities due to be settled within 12 months from the date of the balance sheet are classified as current liabilities. These are obligations that the company is expected to pay off within the next operating cycle or fiscal year. They include short-term loans, trade payables, and other current obligations.
Hence, the correct option is 2.
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