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-   -   Classified income statement (https://www.askmehelpdesk.com/showthread.php?t=601054)

  • Oct 4, 2011, 08:02 PM
    cereliab
    Classified income statement
    Is it true that revenues and expenses are also classified as current or long-term on a classified income statement?
  • Oct 5, 2011, 06:52 AM
    pready
    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.

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