The traditional balance sheet format placed assets on the left side with liabilities and equities on the right, but more recently a ________ format has gained wide acceptance.

Question

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Balance sheets are often presented in two different formats. The traditional balance sheet format placed the organizations assets on the left side and its liabilities and owners' equity on the right. More recently, a vertical format, with assets at the top followed by liabilities and owners' equity, has gained wide acceptance.

The Traditional Balance Sheet Format Placed Assets on the Left