Classified Balance Sheet

Question 1

Current Assets

Answer 1

• Assets that are used up within 1 year
• Listed in order of liquidity
• Ex: Bank, A/R, Supplies

Question 2

Fixed Assets

Answer 2

• Assets that last longer than 1 year
• Listed in order of longevity
• Ex. Land, Building, Equipment, Automobile

Question 3

Current Liabilities

Answer 3

• Liabilities that are paid off within a year
• Ex: A/P

Question 4

Long-Term Liabilities

Answer 4

• Liabilities that are paid off within several years
• Ex: Bank Loan, Mortgage Payable