The assets section of a classified balance sheet usually includes the subgroups:
A)Current assets,long-term investments,plant assets,and intangible assets.
B)Current assets,long-term assets,revenues,and intangible assets.
C)Current assets,long-term investments,plant assets,and equity.
D)Current liabilities,long-term investments,plant assets,and intangible assets.
E)Current assets,liabilities,plant assets,and intangible assets.

Question

Quizplus · Accepted Answer

The assets section of a classified balance sheet is usually divided into subgroups of current assets, long-term investments, plant assets, and intangible assets. This classification helps users of financial statements to understand the company's liquidity, investment, and operating activities. Therefore, Choice A is the best answer as it includes all the relevant subgroups of assets in a classified balance sheet.

The Assets Section of a Classified Balance Sheet Usually Includes