Balance Sheet Flashcard

Balance Sheet Flashcard

Assessment

Flashcard

Mathematics

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What happens when a company purchases inventory using cash?

Back

Assets increase, liabilities increase.

2.

FLASHCARD QUESTION

Front

If a company’s debt increases while equity remains the same, the debt-to-equity ratio will ____.

Back

Increase.

3.

FLASHCARD QUESTION

Front

Which of the following is a non-current asset?

Back

Equipment.

4.

FLASHCARD QUESTION

Front

Assets increase, equity ____.

Back

Increases.

5.

FLASHCARD QUESTION

Front

Which of the following is considered a current liability?

Back

Accounts Payable.

6.

FLASHCARD QUESTION

Front

What is a balance sheet?

Back

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.

7.

FLASHCARD QUESTION

Front

What is the accounting equation?

Back

Assets = Liabilities + Equity.

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