Which of the following statements is true? Current liabilities are generally presented on the statement of financial position in order of liquidity, but IFRS allows presentation in reverse order of liquidity as well. Current liabilities are listed in order of descending dollar value. All companies are prohibited to report current liabilities in reverse order of liquidity. Current liabilities are listed in order of ascending dollar value. If the statement of financial position is prepared after a stock dividend has been declared but before it has been distributed, the stock dividend distributable would be reported in the it would not be reported in the statement of financial position liabilities section Cassets section contributed capital section of shareholders' equity. Authorized shares of a corporation are the minimum amount of shares that must be issued. increase shareholders' equity. must be recorded by a formal accounting entry. are specified in its articles of incorporation. The main purpose of a stock split is to increase the marketability of the stock by increasing the price. O reduce the number of issued shares. increase the marketability of the stock by decreasing the price. decrease the marketability of the stock by increasing the price. An overstatement of ending inventory in one period results in an overstatement of the ending inventory of the next period. an understatement of net income of the next period. no effect on net income of the next period. an overstatement of net income of the next period