A classified balance sheet is one that arranges the balance sheet accounts into a format that is useful for the readers. For example, most balance sheets use the following classifications when presenting assets:
2) long-term investments
3) property, plant and equipment
4) intangible assets
5) other assets
Liabilities are usually classified as 1) current, or 2) long-term or noncurrent.
To learn more, see the Related Topics listed below:
After working as an accountant, consultant, and university accounting instructor for more
than 25 years, Harold Averkamp formed AccountingCoach.com in 2003. His goal was to
share his knowledge and passion for teaching accounting with people throughout the
world at a very low cost. Read More...