A balance sheet has four sections: 1) heading 2) assets 3) liabilities and 4) ___________

• Debits

• Income Statement

• Owner’s Equity

• Credits

How do we calculate Total Assets?

• Fixed Assets - Current Assets

• Current Assets / Current Liabilities

• Long term Assets - Current Liabilities

• Long term Assets + Current Assets

Accounts Payable is a:

• Long Term Liability

• Current Asset

• Current Liability

• Long Term Asset

Accounts Receivable is a:

• Long Term Liability

• Long Term Asset

• Current Liability

• Current Asset

A building is a:

• Long Term Liability

• Long Term Asset

• Current Liability

• Current Asset

A mortgage is a:

• Long Term Liability

• Long Term Asset

• Current Liability

• Current Asset

A cash register is a:

• Long Term Liability

• Long Term Asset

• Current Liability

• Current Asset

A business’ inventory is a:

• Long Term Liability

• Current Asset

• Current Liability

• Long Term Asset

 Which of the following is a current asset?

• Accounts Payable

• Inventory

• Overdraft

• Vehicle

 Which of the following is a current liability?

• Cash

• Vehicle

• Interest Payable

• Accounts Receivable