Asked by Meera Patel on May 06, 2024
Verified
The classified balance sheet will show which asset subsections?
A) current assets and other equity
B) current assets and property, plant, and equipment
C) current liabilities and short-term assets
D) other revenues and property, plant and equipment
Asset Subsections
Categorizations within a company's assets on the balance sheet to provide detailed financial information.
Current Assets
Assets that are expected to be converted into cash, sold, or used up within one year or within the business's operating cycle, whichever is longer.
- Differentiate among current assets, non-current assets, short-term liabilities, and long-term liabilities in the financial statement.
Verified Answer
MB
Marissa BasalduMay 07, 2024
Final Answer :
B
Explanation :
The classified balance sheet typically includes subsections for current assets and property, plant, and equipment. Current liabilities may also be included as a separate subsection, but other equity and other revenues are not typically included as asset subsections on a balance sheet.
Learning Objectives
- Differentiate among current assets, non-current assets, short-term liabilities, and long-term liabilities in the financial statement.