Which basis of accounting recognizes expenses when paid? Double-entry basis Accrual basis Cash basis All of the above A classified balance sheet presents a snapshot at a point in time. groups similar assets together. groups similar liabilities together. all of the above The difference between "current" and "long-term" is that Current is less than or equal to one year and long-term is over one year. Current applies to only assets and nothing else. Long-term is over 6 months and current is less than or equal to 6 months. Current is one to three months, long-term is over three months