Final answer:
A Balance Sheet with assets and liabilities sorted into Current and Non-current is typically called a classified balance sheet, but the specific two-column T-shape format is known as a T-account.
Step-by-step explanation:
A Balance Sheet that displays assets and liabilities in Current versus Non-current categories is commonly called a classified balance sheet. However, when specifically referring to a balance sheet with a two-column T-shape format, due to the vertical line down the middle and the horizontal line under columns for “Assets” and “Liabilities,” it is known as a T-account. A balance sheet is a fundamental accounting tool that provides a snapshot of a company's financial position, presenting its assets, like cash or a home, and its liabilities, such as mortgages or other debts. The net worth, or equity, is calculated by subtracting liabilities from assets, and this concept is equally applicable to a bank's balance sheet, where the bank's net worth is also considered as bank capital. Banks list current and fixed assets, including cash, reserves held at the central bank, loans given to customers, and bonds on their balance sheets.