Question

assets and liabilities classification​

Answer 1

Explanation:

Assets can be grouped into two major classes: tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets. Current assets include inventory, accounts receivable, while fixed assets include buildings and equipment

These are the three main classifications of liabilities: Current liabilities (short-term liabilities) are liabilities that are due and payable within one year. Non-current liabilities (long-term liabilities) are liabilities that are due after a year or more.