Which one is right?

• Asset = Owner's equity + Liability

• Asset = Owner's equity - Liability

• Asset + Owner's equity = Liability

• Asset + Owner's equity = expense

What is balance sheet?

• A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.

• A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss

Which one is not belongs to liability?

• Mobile Phone Bill

• Bank Loan

• Bank Balance

• Owed To Friends

What's the order of three W?

• What - When - who

• Who - What - When

• When - Who - What

Mr.W has current assets of $500 and total assets of $1500. ABC has current liabilities of $300 and total liabilities of $800. What is the amount of ABC's owner's equity

• 200

• 700

• 900

• 800

Which of the following would normally be a current liability?

• Note Payable Due In Two Years

• Unearned Revenue

The balance sheet heading will specify a

• Period Of Time

• Point In Time

What is the normal balance for contra asset accounts?

• Debit

• Credit

The third line of the balance sheet at the end of the year should begin with "For the Year Ended".

• True

• False

Dose expense in the liability/Assets account?

• Assets

• Liability