Statement of Financial Position Line Items

Statement of Financial Position Line Items

Professional Development

10 Qs

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Statement of Financial Position Line Items

Statement of Financial Position Line Items

Assessment

Quiz

Financial Education

Professional Development

Hard

Created by

Hozefa Seh

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'assets' represent on the balance sheet?

a) The company’s debts and obligations

b) Items of value owned by the company that can provide future economic benefits

c) Expenses incurred in the business

d) Cash and cash equivalents only

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Liabilities are defined as:

a) The total value of goods sold

b) The owner’s financial interest in the company

c) The company’s debts or obligations that are expected to be settled over time

d) The total revenue earned by the company

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Equity on the balance sheet refers to:

a) The company’s cash reserves

b) The owner’s claim on the company after liabilities have been deducted from assets

c) The total liabilities owed by the company

d) Funds invested in inventory

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounts Receivable represents:

a) Cash paid for business expenses

b) Money owed to the company by customers for goods and services delivered

c) Future expenses for purchasing goods

d) Company’s debt to suppliers

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of Inventory on the balance sheet?

a) It represents cash reserves for the company

b) Goods owned by the company and available for sale to customers

c) A form of liabilities owed to suppliers

d) Fixed assets used in production

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Prepaid Expenses are:

a) Future expenses that have been paid in advance and will be recognized over time

b) Short-term debts owed by the company

c) Money received for future services

d) Cash reserves used for emergencies

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fixed Assets refer to:

a) Assets that will be sold within a year

b) Long-term assets used in the company’s operations, such as property, plant, and

equipment

c) Investments that can be liquidated quickly

d) Cash assets only

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