Multiple Choice
On which financial statement does a business list the building in which it does business?
26
views
2. Transaction Analysis
Classified Balance Sheet Components
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following subtotals or totals is typically NOT shown on an unclassified balance sheet?
A
Total Liabilities and Stockholders' Equity
B
Total Current Assets
C
Total Noncurrent Liabilities
D
Total Assets
Verified step by step guidance1
Step 1: Understand the structure of an unclassified balance sheet. An unclassified balance sheet presents assets, liabilities, and equity without categorizing them into current and noncurrent sections.
Step 2: Review the typical subtotals and totals shown on an unclassified balance sheet. These include Total Assets, Total Liabilities, and Stockholders' Equity, and Total Liabilities and Stockholders' Equity.
Step 3: Recognize that 'Total Current Assets' and 'Total Noncurrent Liabilities' are specific to classified balance sheets, where items are grouped into current and noncurrent categories.
Step 4: Identify that 'Total Noncurrent Liabilities' is not typically shown on an unclassified balance sheet because it requires categorization of liabilities into current and noncurrent, which is not done in an unclassified format.
Step 5: Conclude that the correct answer is 'Total Noncurrent Liabilities,' as it is not a subtotal or total typically shown on an unclassified balance sheet.
6:38mWatch next
Master Classified Balance Sheet Components with a bite sized video explanation from Brian
Start learningRelated Videos
Related Practice
Classified Balance Sheet Components practice set
Problem sets built by lead tutorsExpert video explanations