Name the five types of financial statement classifications for which it is ordinarily desirable

Here is a tip:
Two of the common financial statements are the balance sheet and income statement.

Explanation
The three most common types of financial statement classifications are stated in the balance sheet accounting equation: Assets = Liabilities + Owner's Equity. Two additional classifications are from the income statement: revenues and expenses.

Verified Answer
Assets, liabilities, owner's equity, revenues, and expenses