Balance Sheet Essentials

Froggy Jumps

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Balance sheet basics quiz

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Mar Jolaine

Filipinas

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Froggy Jumps Balance Sheet EssentialsVersión en línea Balance sheet basics quiz por Mar Jolaine 1 WHAT IS LOSS? a A GAIN IN THE COMPANY b Deduction in the value of investment c A revenue 2 Which item is typically classified as a current asset on the balance sheet? a Goodwill b Property, plant & equipment c Accounts receivable 3 What best defines current liabilities? a Obligations due within one year b Owner's equity c Long-term debt 4 Which item is a non-current liability? a Mortgage payable b Accounts payable c Accrued expenses 5 Which part of the balance sheet represents the owner's claims after liabilities? a Current assets b Owner's equity c Current liabilities 6 Which asset is typically long-term and not readily converted to cash? a Property, plant & equipment b Accounts receivable c Cash 7 Which item belongs to liabilities but is not due within the next 12 months? a Trade payables b Long-term debt c Accrued expenses 8 What is included in owners' equity besides retained earnings? a Notes payable b Common stock c Inventory 9 Which balance sheet item decreases with a debit? a Accounts payable b Cash c Owner's equity 10 Which statement best describes assets? a Distributions to owners b Loans from owners c Resources owned by the company 11 Which of the following affects both assets and equity? a Net income increasing retained earnings b Paying off a liability with cash c Issuing dividends only

Froggy Jumps

Balance Sheet EssentialsVersión en línea

Balance sheet basics quiz

por Mar Jolaine

WHAT IS LOSS?

A GAIN IN THE COMPANY

Deduction in the value of investment

A revenue

Which item is typically classified as a current asset on the balance sheet?

Goodwill

Property, plant & equipment

Accounts receivable

What best defines current liabilities?

Obligations due within one year

Owner's equity

Long-term debt

Which item is a non-current liability?

Mortgage payable

Accounts payable

Accrued expenses

Which part of the balance sheet represents the owner's claims after liabilities?

Current assets

Owner's equity

Current liabilities

Which asset is typically long-term and not readily converted to cash?

Property, plant & equipment

Accounts receivable

Cash

Which item belongs to liabilities but is not due within the next 12 months?

Trade payables

Long-term debt

Accrued expenses

What is included in owners' equity besides retained earnings?

Notes payable

Common stock

Inventory

Which balance sheet item decreases with a debit?

Accounts payable

Cash

Owner's equity

Which statement best describes assets?

Distributions to owners

Loans from owners

Resources owned by the company

Which of the following affects both assets and equity?

Net income increasing retained earnings

Paying off a liability with cash

Issuing dividends only

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Balance Sheet Essentials

Froggy Jumps

Sobre esta actividad

Creada por

Descarga la versión para jugar en papel

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Balance Sheet EssentialsVersión en línea

por Mar Jolaine

WHAT IS LOSS?

Which item is typically classified as a current asset on the balance sheet?

What best defines current liabilities?

Which item is a non-current liability?

Which part of the balance sheet represents the owner's claims after liabilities?

Which asset is typically long-term and not readily converted to cash?

Which item belongs to liabilities but is not due within the next 12 months?

What is included in owners' equity besides retained earnings?

Which balance sheet item decreases with a debit?

Which statement best describes assets?

Which of the following affects both assets and equity?