BMEC QUIZ 1 Midterm: Understanding the Balance Sheet

Which of the following is the other name for the Balance Sheet?

• Statement of Profit and Loss

• Statement of Financial Position

• Statement of Operations

• Statement of Cash Flows

Which of the following is an asset account?

• Accounts Payable

• Prepaid Rentals

• Unearned Revenues

What is the NORMAL balance of an asset account?

• Debit

• Credit

What is the normal balance for liability accounts?

• Debit

• Credit

Which of the following is NOT a current asset?

• Land

• Supplies

• Receivables

• Prepaid Insurance

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

• Current Asset

• Current Liabilities

• Non Current Liabilities

Which of the following is the other term for Liability?

• Paid

• Equity

• Asset

• Payable

When cash is received, it is __.

When a company pays a bill, the account Cash will be

Select the answer on which will usually cause an asset account to increase?

• Debit

• Credit