the balance sheet

another name for the balance sheet is

• statement of operations

• statement of financial position

the balance sheet heading will specify

• period of time

• point in time

Which of the following is a category or element of the balance sheet?

• expenses

• gains

• liabilities

• losses

Which of the following is an asset account?

• accounts payable

• prepaid insurance

• unearned revenue

Which of the following woud not be a current asset?

• accounts receivable

• prepaid insurance

• land

• supplies

ABC Co. incurs cleanup expense of $500 on December 30. The supplier's invoice states that the $500 is due by January 10 and ABC will pay the invoice on January 9. ABC follows the accrual basis of accounting and its accounting year ends on December 31. What is the effect of the cleanup service on the December balance sheet of ABC?

• Assets decreased

• Liabilities increased

• No effect on owner's equity

Deferred credits will appear on the balance sheet with the

• Assets

• Liabilities

• Owner's / Stockholders' Equity

Notes Payable could not appear as a line on the balance sheet in which classification?

• Current assets

• Current liabilities

• Long-term liabilities

ABC Co. has current assets of $50,000 and total assets of $150,000. ABC has current liabilities of $30,000 and total liabilities of $80,000. What is the amount of ABC's owner's equity?

• $20,000

• $30,000

• $$70,000

• $120,000

The amount reported on the balance sheet for Property, Plant and Equipment is the company's estimate of the fair market value as of the balance sheet date.

• True

• False