Balance sheet

A balance sheet can be prepared for any date or period of time?

• True
• False

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

• credits
• debits
• owner's equity

On a balance sheet, if total assets are $15,000 and Total Liabilities are $10,000.  Owner's Equity will equal:

• 5,000
• 25,000
• 7,500I

Accounts Payable is a:

• Current Asset
• Current Liability
• Non Current Asset
• Non Current Liability

Accounts Receivable is a:

• Current Asset
• Current Liability
• Non Current Asset
• Non Current Liability

An building is a:

• Current Asset
• Current Liability
• Non Current Asset
• Non Current Liability

A mortgage is a:

• Current Asset
• Current Liability
• Non Current Asset
• Non Current Liability

A business' inventory is a:

• Current Asset
• Current Liability
• Non Current Asset
• Non Current Liability

A = 100
OE = 20
L = ?

• 120
• 80
• 40
• 5

Which of the following is a current asset?

• Accounts Payable
• Inventory
• Overdraft
• Vehicle