A classified balance sheet shows subtotals for ________.
A)revenues and expenses
B)current assets,long-term assets,current liabilities,long-term liabilities and shareholders' equity
C)operating activities,investing activities and financing activities
D)retained earnings,net income,and dividends

Question

Quizplus · Accepted Answer

A classified balance sheet shows subtotals for current assets, long-term assets, current liabilities, long-term liabilities, and shareholders' equity. It separates assets and liabilities into short-term and long-term categories to provide more useful information for decision-making. Revenues, expenses, operating activities, investing activities, financing activities, retained earnings, net income, and dividends are not subtotals shown on a classified balance sheet.

A Classified Balance Sheet Shows Subtotals for ________