The classified balance sheet will show which asset subsections?
A) current assets and other equity
B) current assets and property, plant, and equipment
C) current liabilities and short-term assets
D) other revenues and property, plant and equipment

Question

Quizplus · Accepted Answer

The classified balance sheet typically separates assets into current assets (those expected to be converted into cash within one year) and long-term assets, which includes property, plant, and equipment. Choice A is incorrect because "other equity" is not an asset subsection, but rather a component of the equity section. Choice C is incorrect because it combines two different subsections, current liabilities and short-term assets, which would not be grouped together on a balance sheet. Choice D is incorrect because "other revenues" is not an asset subsection, but rather a component of the revenue section.

The Classified Balance Sheet Will Show Which Asset Subsections