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Horngren'S Financial And Managerial Accounting
Found in: Page 216

Short Answer

Identify two asset categories on the classified balance sheet, and give examples of each category.

Current assets includes cash, accounts receivable, inventories and so on. Intangible assets includes goodwill, patent, copyrights and so on.

See the step by step solution

Step by Step Solution

Step-by-Step-SolutionStep 1: Explanation on Classified balance sheet

Classified balance sheet is type of balance sheet which places the assets and liabilities as per the specific category.

Step 2: Explanation on Categories of Assets

Current assets are the short term assets which can be realized into cash within a year or within a operating cycle. Intangible assets are the assets which do not have physical existence.

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