Balance Sheet Quiz

How do we calculate Total Assets?

• Fixed Assets - Current Liabilities

• Current Assets / Current Liabilities

• Fixed Assets + Current Assets

• Fixed Assets - Current Assets

Select the item which is a fixed asset

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Which item would represent a liability in a business?

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Which item do we always begin the preparation of the balance sheet with?

• The Capital

• The name of the sole trader or company

• The Date

• The Assets

What are liabilities?

• Money that the business has in stock

• Money owed by the business to banks

• The amount of money owed to shareholders

What are net assets?

• Total assets - total liabilities

• Current assets - current liabilities

• Money left over after your bills are paid

Net Assets = Total Assets -

What is working capital?

• Capital available to spend

• Capital you use to pay for fixed assets

• Funds left over to meet day to day expenses

What are curent assets?

• Fixed assets

• Liquid assets

• Variable assets

What is Shareholders Equity?

• The money owed by the business to the shareholders

• The money shareholders pay to the business

• The amount of profit shareholders receive on their shares