cereliab
Oct 4, 2011, 08:02 PM
Is it true that revenues and expenses are also classified as current or long-term on a classified income statement?
pready
Oct 5, 2011, 06:52 AM
No, the statement is false.
There is no classified income statement. The income statement would be known as a Multi-Step Income Statement.
The statement that is classified is a Classified Balance sheet and the accounts what would be classified as current or long-term would be liabilities. Assets would be classified as Current, Non-current, PP&E, an Intangibles.