Balance Sheet

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 does not belongs to liability?

• Mobile Phone Bill

• Bank Loan

• Cash at Bank

• Owed To Friends

Which one is not belongs to liability?

• Mobile Phone Bill

• Bank Loan

• Bank Balance

• Owed To Friends

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

How do we calculate Total Assets?

• Fixed Assets - Current Liabilities

• Current Assets / Current Liabilities

• Fixed Assets + Current Assets

• Fixed Assets - Current Assets

Whcih of the following consist of only assets?

• Car, Bank Loan, Computer

• Creditor, Debtors, Cash at Bank

• Debtors. Cash at bank, Building

• Cash in hand, cash at bank, creditors

Select the item which is a fixed asset

• 
• 

Select the item which is not a component of a balance sheet.

• Fixed Assets

• Current Assets

• Current Liabilities

• Expenses