Review of Balance Sheets

______is a financial statement that reports a business's assets, liabilities, and capital on a specific date.

• Balance Sheet
• Income Statement
• Statement of Cash Flows
• None of the Above

_______are anything of value owned, such as cash and buildings.

• Liabilities
• Assets
• Income Statement
• None of the Above

____are claims against assets, (debts)

• capital
• assets
• liabilities
• none of the above

The accounting equation is expressed as:

• None of the Above
• Assets=Liabilities-Owner's Equity
• Balance Sheet
• Assets=Liabilities + Owner's Equity

The amount the customers owe the business is an asset called:

• Accounts Receivable
• Accounts Payable
• Fixed Assets
• None of the Above

_____________under Liabilities on the balance sheet is the amount the company's owes for purchases it made on credit.

• None  of the above
• Capital
• Accounts Receivable
• Accounts Payable

Capital (owner's equity) is the value of the owners' investment in the business after subtracting liabilities from assets.

• True
• False
• Neither
• Who cares!

________is the movement of cash into and out of a business.

• Cash Flow
• Balance Sheet
• Income Statement
• Tim Hall for President

______________-are anything of of value owned, such as cash, buildings.

• Liabilities
• Assets
• Income Statement
• Statement of Cash Flows

The title of the balance sheet includes: Name  of Company, Balance Sheet, and the Actual Reporting Date

• True
• False