The Four Major Classifications of Assets in a Classified Balance

question 87

Short Answer

The four major classifications of assets in a classified balance sheet are: ________________ ________________ ________________ and ________________.

---

Definitions:

Average Monthly Gross Production

The total production or output of a company or industry, averaged over a month, before deductions for costs or expenses.

Income Statement

A statement that demonstrates the profit and expenses for a given month and also includes year-to-date information for a given year.

Year-To-Date Information

Data gathered or accumulated from the beginning of the current calendar or fiscal year up to the present date.

Assets

Anything owned that has exchange value; all the entries on a balance sheet that show the property or resources of a person or business; the money and items of value in a business.