Match the terms with the definitions.
-A balance sheet with separate categories for current assets; property,plant,and equipment; current liabilities; and long-term liabilities.
A)account form of balance sheet
B)accounting cycle
C)classified balance sheet
D)closing process
E)current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts

Question

Quizplus · Accepted Answer

A classified balance sheet is the correct term for a balance sheet that organizes assets and liabilities into specific categories such as current assets, property, plant, and equipment, current liabilities, and long-term liabilities.

Match the Terms with the Definitions