A classified balance sheet distinguishes between operating and non-operating assets. This is false.
A classified balance sheet distinguishes between current and non-current assets and liabilities. A classified balance sheet is a financial statement with classifications like current assets and liabilities, long-term liabilities, and other things. By organizing the information into categories, it can be easier to read and extract the information you need than if it was simply listed in a large number of line items.
The classified balance sheet also gives users more information about the company and its operators.
Here are some examples of classifications for balance sheets:
Current assets, long-term investments, intangible assets, current liabilities, long-term liabilities, etc.
Current assets include cash as well as any assets that can be converted into cash or consumed within one year.
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