A balance sheet that lists the assets above the liabilities and owner's equity sections is a(n):
A)report form balance sheet.
B)unclassified form balance sheet.
C)account form balance sheet.
D)audited form balance sheet.

Question

Quizplus · Accepted Answer

A report form balance sheet lists the assets on top, followed by the liabilities and owner's equity sections below. The unclassified form balance sheet does not have a specific order for listing assets and liabilities. The account form balance sheet lists assets on the left and liabilities and owner's equity on the right. The audited form balance sheet refers to the level of scrutiny and review that an independent auditor provides and is not related to the format of the balance sheet itself.

A Balance Sheet That Lists the Assets Above the Liabilities