Answer:
within one year or the operating cycle, whichever is longer.
Explanation:
The current liability means the liability that becomes due and can be expected to be paid by maximum of the one year i.e. 12 months or the operating cycle whichever is more
It includes the account payable, salaries payable, wages payable in which the time period is of maximum 12 months
So the first option is correct
False. Gpd was not designed to assess welfare
Answer:
Auditors Report
Explanation:
In the Auditor's report, the auditor expresses his level of satisfaction that whether or not the financial statement presented show the true and fair picture of the organization. The external auditor is also involved in the investigation of errors and frauds in the financial statements.