Classified balance sheets commonly include the following categories:
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
G. Equity.
Match the typical classification of each item below with its correct balance sheet category (A through G).
-Store Supplies
A)G
B)B
C)A
D)C
E)F
F)D
G)E

Question

Quizplus · Accepted Answer

Store Supplies are typically classified as Current Assets because they are expected to be used or consumed within one year or within the operating cycle of the business, whichever is longer.

Classified Balance Sheets Commonly Include the Following Categories