Balance Sheet $($P $3-$I$3$ CONTINUED$)$ j$.$ The Current Assets section of the balance sheet should include Inventory. Taxes payable. Land. Patents. Bonds payable. k $.$ Which of the following is not a typical current liability? Accounts payable Wages payable Interest payable Pension liabilities Taxes payable Which of the following is a current liability? Unearned rent income Prepaid interest Land Common stock None of the above. m$.$ Treasury stock is best classified as a Current liability. Current asset. Reduction of stockholders' equity. Contra asset. Contra liability. n$.$ Considering IFRSs, which of the following statements would be consi IFRSs do not require a standard format for the balance sheet. With IFRSs, usually nonconcurrent assets are presented first, followe Under IFRS for liabilities and owners' equity, capital and listed res listed first, then noncurrent liabilities, and then current liabilities la The reserves section of capital and reserves would not be part of U All of these item whe which of the to be true. IAS introduced a number of IFRRS. statements are not mandatory. The IFRS model consolidary. an emphasis on liquidity. Under IFRS, noncontrolli.