Balance Sheet Classification Quizlet

Off balance sheet obs. A classified balance sheet presents information about an entity s assets liabilities and shareholders equity that is aggregated or classified into subcategories of accounts it is extremely useful to include classifications since information is then organized into a format that is more readable than a simple listing of all the accounts that comprise a balance sheet. Classified balance sheet is the type balance sheet in which all the balance sheet accounts are presented after breaking them into the different small categories which makes it easier for the user of the balance sheet to have a clear understanding by organizing accounts into a format which is more readable.

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Balance sheet classification quizlet. It is likely that the fair value of the assets is different from the cost less depreciation shown on the balance sheet. Start studying balance sheet classifications. Off balance sheet obs items refer to assets or liabilities that do not appear on a company s balance sheet but that are nonetheless effectively assets or liabilities of. The total of stockholders equity is equal to the amounts listed on the balance sheet for assets minus the amounts listed on the balance sheet for liabilities.

Learn vocabulary terms and more with flashcards games and other study tools. For each of the following balance sheet items use the letters above to indicate the appropriate classification category. If the item is a contra account select the appropriate letter. A classified balance sheet is a financial statement that reports asset liability and equity accounts in meaningful subcategories for readers ease of use.

In other words it breaks down each of the balance sheet accounts into smaller categories to create a more useful and meaningful report. Learn vocabulary terms and more with flashcards games and other study tools.