Question

Which statement is not true?
(A) Current assets are normally reported in order of their liquidity.
(B) Disclosures related to receivables are reported in the financial statement notes.
(C) Cash and cash equivalents are the first items reported under Current assets.
(D) All receivables that are expected to be realized in cash beyond 265 days are reported in the Noncurrent assets section.

Answer 1

Answer: The following statement is not true:  All receivables that are expected to be realized in cash beyond 265 days are reported in the Non-current assets section.

The following statement in it's true form would be where all Receivables are anticipated to be accomplished in cash after 365 days, then they are  reported in section of the non-current assets.