As per accounting standards, what is the meaning of "Short
Term Liabilities and Long Term Liabilities:? As the Company
can change the classification based on their business? Or
these meanings are fixed?
Answer Posted / anil
Short term liabilty means less lend money for lee tna one
year
long term liability which is more tha one year
Is This Answer Correct ? | 2 Yes | 2 No |
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The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
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