BALANCE SHEETS

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

Dose expense in the liability/Assets account?

• Assets

• Liability

Property owned by an individual

• Liability

• Asset

• Property

• Net Worth

The value of all assets minus the value of all liabilities.

• Financial obligations

• Assets

• Net Worth

• Property

Debts and financial obligations (responsibilities).

• Liabilities

• Assets

• Negative Net Worth

• Property

Examples of Liabilities include which of the following:

• Loans, credit cards, and real property

• Loans, mortgage, and credit cards

• Loans, Art collection, and savings account

• Mortgage, credit card, and real property

Positive Net Worth is defined as:

• assets are less that liabilities

• liabilities are greater than assets

• assets are equal to liabilities

• assets are greater than liabilities

Negative Net Worth is defined as:

• Assets and liabilities are the same amount

• Assets are less that liabilities

• Liabilities are less that assets

• Assets are greater than liabilities

Examples of assets include:

• Real Property, Car, and credit cards

• Car, Jewelry, and Checking account

• Art collection, Jewelry, and unpaid taxes

• Real Property, Car loan, Jewelry