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    cereliab Posts: 1, Reputation: 1
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    #1

    Oct 4, 2011, 08:02 PM
    Classified income statement
    Is it true that revenues and expenses are also classified as current or long-term on a classified income statement?
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    pready Posts: 3,197, Reputation: 207
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    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.
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