Accounting 1 - Ch. 2 - Balance Sheet

In IFRS, the Balance Sheet is called the Financial Position

• True

• False

Office furniture is classified as:

• Accounts Payable

• Equity

• Long-term asset

• Current asset

If OE is $300 and Assets are $1500, the Liabilities are:

• $1800

• $1200

• $300

• $1500

Which of the following is not true

• A-E=L

• A-L=E

• A+L=E

• A=L+E

When is the only time you can use abbreviations on a balance sheet?

• When the abbreviation is in the company's legal name

• If the abbreviation is more than four letters long

• Only if you forget how to spell the abbreviated word

• Whenever you want

Which liability would appear last on the balance sheet?

• Accounts Payable

• Bank Loan

• Mortgage Payable

• Car Loan

How are Assets organized within their respective column?

• Least to most liquid

• Greatest to least price

• At random

• Most to least liquid

Which of the following is not another name or abbreviation for Owner's Equity?

• Capital

• OE

• Owner's Capital

• Boss Money

What is the name for someone who owes you money?

• Debtor

• Creditor

• Owner

• Customer

Which of the following is a liability?

• Accounts Receivable

• Long Term Investments

• Inventory

• Accounts Payable