When a business needs a more sophisticated balance sheet than the one created for its first accounting records,it creates a _____ balance sheet to list assets and liabilities in separate categories.
A)classified
B)two-item
C)long-term
D)extended

Question

Quizplus · Accepted Answer

A classified balance sheet organizes assets and liabilities into subcategories like current and long-term, providing a more detailed and sophisticated financial overview than a simple balance sheet.

When a Business Needs a More Sophisticated Balance Sheet Than