A balance sheet shows the financial .................that a company has at a point in time and where they came from.

 

 

 

• A. records

• B. resources

• C. returns

• D. revenues

It is an instant photograph that displays the company's financial

.................at the end of a business month, quarter or year.

 

 

• A. explanation

• B. position

• C. publication

• D. station

3.

The .................

of accounts is a listing of the accounts that are reflected in the financial

statements.

 

• A. book

• B. chart

• C. table

• D. outline

Assets are divided into three categories: Current Assets, Fixed Assets, and

................. Assets.

 

 

• A. current fixed

• B. different

• C. fixed current

• D. other

Assets are often listed in the order of their .................which means how easy it would be to convert each asset into cash.

 

• A. complexity

• B. liquidity

• C. security

• D. simplicity

If the assets of a company are greater than its liabilities, then the equity of the business is the positive .................between the two numbers.

• A. calculation

• B. difference

• C. dividend

• D. sum

Liabilities are................. or others stemming from goods or services received by the company.

 

• A. obligations

• B. debts

• C. outstandings

• D. owed

Current assets will likely be turned into cash or converted into a(n) .................

within a year.

 

 

• A. bonus

• B. expense

• C. option

• D. stock

When the company borrows money from its bank, the company's assets increase  and the company's ................. increase.

 

 

 

• A. depreciation

• B. value

• C. imcome

• D. liabilities

10. If the company runs a radio advertisement and agrees to pay later, the company will incur a/an ................that will reduce owner's equity and has increased its liabilities.

 

• A. agreement

• B. negotiation

• C. expense

• D. revenue