All of the following statements about Current Liabilities are true except

a.Current Liabilities are obligations that will be satisfied within one year.

b.Current Liabilities finance the working capital of the company.

c.Current Liabilities are normally recorded at face value.

d.the Current Liabilities section never contains any portion of long-term liabilities.

22. MC.09-045

Which of the following statements is true of liabilities?

a.Classification of Current Liabilities is important because of the liquidity concept.

b.U.S. accounting principles differ from those of other countries; this is especially true for Current Liabilities.

c.Current Liabilities are listed in order of decreasing amounts in the Current Liabilities section of the balance sheet.

d.Accounts payable are listed in the Current Liabilities section in alphabetical order by vendor.