Asked by Sabrina Benavides on May 04, 2024
Verified
Current assets are customarily the first items listed on a classified balance sheet.
Current Assets
Assets that are expected to be converted into cash, sold, or consumed within one year or one operating cycle, whichever is longer.
Classified Balance Sheet
A financial statement that groups a company's assets, liabilities, and equity into categories, making it easier to assess financial health.
- Distinguish between different types of liabilities and their classifications on the balance sheet.
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
True
Explanation :
This is true. Current assets are listed first on the balance sheet, followed by long-term assets, current liabilities, and long-term liabilities.
Learning Objectives
- Distinguish between different types of liabilities and their classifications on the balance sheet.
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