Balance Sheet Basics Quiz

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Grade 9 Balance Sheet

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Adanri Anuoluwapo Anuoluwapo

Nigeria

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Balance Sheet Basics Quiz


Balance Sheet Basics QuizVersión en línea Grade 9 Balance Sheet por Adanri Anuoluwapo Anuoluwapo 1 Which side of a balance sheet lists assets? a Revenues (left) b Assets (left side) c Owner's equity (left) d Liabilities (left) 2 What is the primary purpose of a balance sheet? a To show revenue and expenses b To report cash flows over a period c To forecast future sales d To show assets, liabilities, and owner's equity at a point in time 3 Which item is a current asset? a Property, plant and equipment b Goodwill c Long-term loan d Accounts receivable 4 What does owner's equity represent? a Residual interest after liabilities b Net income for the year c Sum of current assets d Amount owed to creditors 5 If total assets = 500k and total liabilities = 320k, what is owner's equity? a 120k b 1800k c 180k d 820k 6 Which is a non-current liability? a Accrued expenses b Short-term note payable c Accounts payable d Mortgage payable (long-term) 7 Where is prepaid expenses categorized on the balance sheet? a Non-current asset b Current liability c Current asset d Shareholder's equity 8 What is the balance sheet equation? a Assets - Liabilities = Equity b Assets = Liabilities + Equity c Assets + Liabilities = Equity d Revenue = Expenses 9 What does 'net worth' commonly refer to? a Total assets b Owner's equity c Total liabilities d Net income 10 What is a tangible asset? a Physical asset like machinery b Receivables c Intangible asset d Goodwill Feedback 1 The left side shows assets; liabilities and equity are on the right side. 2 A balance sheet captures financial position at a specific date. 3 Accounts receivable is typically a current asset due to expected collection within a year. 4 Owner's equity equals assets minus liabilities. 5 Equity = Assets − Liabilities; 500k − 320k = 180k. 6 Non-current liabilities are due after more than 12 months. 7 Prepaid expenses are typically a current asset until used. 8 Classic accounting equation. 9 Net worth is another term for owner's equity. 10 Tangible assets have physical form.

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Balance Sheet Basics Quiz

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Balance Sheet Basics QuizVersión en línea

por Adanri Anuoluwapo Anuoluwapo

Which side of a balance sheet lists assets?

What is the primary purpose of a balance sheet?

Which item is a current asset?

What does owner's equity represent?

If total assets = 500k and total liabilities = 320k, what is owner's equity?

Which is a non-current liability?

Where is prepaid expenses categorized on the balance sheet?

What is the balance sheet equation?

What does 'net worth' commonly refer to?

What is a tangible asset?

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