Anonymous asked in Business & FinanceCorporations · 1 decade ago

What is a classified balance sheet from a trial balance ? What information does it contain?

1 Answer

  • Sandy
    Lv 7
    1 decade ago
    Favorite Answer

    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: 1) current, 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

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