A balance sheet that groups similar items is called a(n)
A) report form of balance sheet.
B) account form of balance sheet.
C) classified balance sheet.
D) temporary balance sheet.

Question

Quizplus · Accepted Answer

A classified balance sheet groups similar items into categories such as assets, liabilities, and equity, making it easier to analyze the financial position of a company. Option A and B refer to the format of presenting a balance sheet, whereas Option D is not a commonly used term in accounting.

A Balance Sheet That Groups Similar Items Is Called A(n)