When Dealing with the Elements of the Financial Statements, It

Multiple Choice

When dealing with the elements of the financial statements, it is important to consider that:

A) the current portion of long-term debt is the amount due within the next year and must be disclosed separately.
B) fixed assets are short-term assets the company plans on selling in the near future.
C) cost of goods sold is a component of paid-in capital.
D) retained earnings is a long-term liability account.