2007-07-23 14:03:52 · 3 answers · asked by babyface 1 in Business & Finance ➔ Other - Business & Finance
An Unclassified balance sheet is a balance sheet that groups the assets, liabilities, and owner's equity into very broad groups. Usually only banks and financial institutions do this as it's not easy to identify which customer's deposits are for more or less than 12 months.
If the financial institution has an unclassified balance sheet, there is no need to separate balances into current and long-term portions
Certain industries follow special rules that are different than GAAP because of special circumstances in that industry. This is permissible. For example, the banking industry which allows banks to report an unclassified balance sheet (with no current or long-term sections).
A classified balance sheet is the common one that everyone is familiar with, with divisions between current and non-current assets and liabilities. For an example of a classified balance sheet, click on the last link
2007-07-25 03:06:51 · answer #1 · answered by Sandy 7 · 5⤊ 0⤋
Unclassified Balance Sheet
2016-12-11 14:38:17 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Classified Balance Sheet
2016-10-06 06:27:43 · answer #3 · answered by haslam 4 · 0⤊ 0⤋
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RE:
What is the difference between a classified and unclassified balance sheet?
2015-08-20 13:56:45 · answer #4 · answered by ? 1 · 0⤊ 0⤋
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A classified balance sheet allows the readers to determine the working capital of the company by separating the current portion of assets and liabilities from the non-current portion. An unclassified balance sheet does not distinguish the difference between current and non-current for the assets and liabilities (therefore working capital is not available to the reader). Hope this helps...
2016-04-09 07:09:29 · answer #5 · answered by Jane 4 · 0⤊ 0⤋
a classified balance sheet is one that the government keeps on file to hide aliens from the masses. #ufosexist.
2014-11-09 10:46:53 · answer #6 · answered by The Ice44 1 · 1⤊ 1⤋