Balance Sheet Quiz

What are the three main sections of a balance sheet?

• Assets

• Equity

• Revenue

• Expenses

• Liability

The accounts on the balance sheet are ordered by liquidity under their respective sections

• True

• False

Is cash on the balance sheet?

• Yes

• No

Which accounts are under the equity account (Select all that apply)?

• Dividends

• Common stock

• Retained earnings

• Account Payable

Which of the following is considered an asset

• Unearned revenue

• Notes payable

• Prepaid expenses

• Short term loans

Dividends are listed under which section?

• Assets

• Liabilities

• Equity

• None of them

Unearned Revenue is listed under which section?

• Assets

• Liabilities

• Equity

• None of them

The order of accounts on a balance sheet is Equity, Assets, Liabilities

• True

• False

If I was paid 1,000 dollars cash for selling a product then the revenue would go directly on the income statement while cash would go directly on the balance sheet

• True

• False