31. Current assets are the first category of assets reported on the Statement of Financial Position.
32. IFRS permits the noncurrent classifications to be reported before the current classifications on the statement of financial position
33. IFRS requires that current assets be reported on the statement of financial position in the order of their liquidity.
34. A company's operating cycle and fiscal year are usually the same length of time.
35. Cash and office supplies are both classified as current assets.
36. Long-term investments would appear in the property, plant, and equipment section of the statement of financial position.
37. A liability is classified as a current liability if the company is to pay it within the forthcoming year.
38. A company's liquidity is concerned with the relationship between long-term investments and long-term debt.
39. Intangible assets are customarily the first items listed on a classified statement of financial position.
40. The operating cycle of a company is determined by the number of years the company has been operating.