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A classified balance sheet can be described as a balance sheet that: (Check all that apply.)
lists current assets in the order of how quickly they can be converted to cash.
organizes assets and liabilities into important subgroups.
lists all assets according to the size of their balance with larger dollar amounts listed first.
contains subgroups for expenses and revenues.



Answer :

GinnyAnswer

Final answer:

A classified balance sheet lists assets in order of liquidity, not balance size, and does not contain subgroups for expenses and revenues.


Explanation:

Balance sheet organizes assets and liabilities in order of liquidity, with the most liquid assets listed first. It does not list assets by their balance size but by how quickly they can be converted to cash. Subgroups for expenses and revenues are not included in a classified balance sheet.


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