Question 1

Decide whether each of the following statements, regarding toe Classified Balance Sheet, is/are true or false. Liabilities are listed on the classifed balance sheet in order of maturity, meaning how soon they are due to be paid. Assets are listed on the classiffed balance sheet in order of liquidity, meaning how easily the assets can be comverted into cash. One limitation of a classified balance sheet is that it omits the current financial state of the economy. True, False, False True, True, False False, False, False True, True, True False, True, True t pont earned