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WorksheetsKnow your Financial Statement
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
1.Another name for the balance sheet is
a)
Statement Of Financial Position
b)
Statement Of Operations
c)
Statement of an Asset and Liabilities
d)
Balance Statement of Asset and Liabilities
2.
The balance sheet heading will specify a
a)
Period Of Time
b)
Point In Time
c)
As of the Time
d)
End of the Period
3.
Which of the following is a category or element of the balance sheet?
a)
Expenses
b)
Gains
c)
Liabilities
d)
Losses
4.
Which of the following is an asset account?
a)
Accounts Payable
b)
Prepaid Insurance
c)
Unearned Revenue
d)
Trade Creditors
5.
Which of the following is a contra account?
a)
Accumulated Depreciation
b)
Capital
c)
Assets
d)
Liabilities
6.
What is the normal balance for an asset account?
a)
Debit
b)
Credit
c)
Negative
d)
Positive
7.
Revenue will
a)
Increase owner's Equity
b)
Decrease owner's Equity
c)
Increase the Asset
d)
Decrease the Liabilities
8.
If current Asset more than the Current Liabilities,
a)
Business is able to pay it debt in a short term
b)
Business will be able to pay it debt in a long term
c)
Business will sustained in a long term
d)
Business will be able to retain it fixed asset
9.
Component of Current Asset are
a)
Prepaid Insurance
b)
Note Payables
c)
Patern
d)
Bond
10.
What is the correct Accounting Equations?
a)
Asset = Owner Equity + Liabilities
b)
Owner Equity = Liabilities + Assets
c)
Asset + Owner Equity = Revenue - Expenses + Liabilities
d)
Revenue - Expenses + Liabilities +Owner Equity=Asset
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