Which of the following statements about the balance sheet is correct?
A. All companies use the chart of account names defined by the Financial Accounting Standards Board (FASB).
B. Current liabilities are debts and other obligations that will be paid or fulfilled within 12 months of the balance sheet date.
C. A balance sheet is prepared for a period of time.
D. A classified balance sheet is one that contains privileged information.
Answer: B
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