The balance sheet format that reports assets first and then, beneath the assets, reports the liabilities and stockholders' equity is called the:
A) Account form
B) Stack form
C) Classified form
D) Report form
E) None of the above

Question

Quizplus · Accepted Answer

The report form of a balance sheet presents assets at the top, followed by liabilities and stockholders' equity below, in a vertical format. This is in contrast to the account form, which presents assets on one side and liabilities and equity on the other side, in a horizontal format.

The Balance Sheet Format That Reports Assets First and Then