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WorksheetsAccounting 1 - Ch. 2 - Balance Sheet
Total questions: 13
Worksheet time: 7mins
In IFRS, the Balance Sheet is called the Financial Position
True
False
Office furniture is classified as:
Accounts Payable
Equity
Long-term asset
Current asset
If OE is $300 and Assets are $1500, the Liabilities are:
$1800
$1200
$300
$1500
Which of the following is not true
A-E=L
A-L=E
A+L=E
A=L+E
When is the only time you can use abbreviations on a balance sheet?
When the abbreviation is in the company's legal name
If the abbreviation is more than four letters long
Only if you forget how to spell the abbreviated word
Whenever you want
Which liability would appear last on the balance sheet?
Accounts Payable
Bank Loan
Mortgage Payable
Car Loan
How are Assets organized within their respective column?
Least to most liquid
Greatest to least price
At random
Most to least liquid
Which of the following is not another name or abbreviation for Owner's Equity?
Capital
OE
Owner's Capital
Boss Money
What is the name for someone who owes you money?
Debtor
Creditor
Owner
Customer
Which of the following is a liability?
Accounts Receivable
Long Term Investments
Inventory
Accounts Payable
If assets decrease by $15,000 and liabilities increase by $10,000, Owner's Equity..
Increase by $5000
Decrease by $25,000
Increase by $10,000
Decrease by $15,000
If over the course of a year, your assets increase by $16 000 but your owner's equity decreases by $2000, what change occurred in your liabilities?
Liabilities increased by $14 000
Liabilities decreased by $14 000
Liabilities increased by $18 000
Liabilities stayed the same
What is accounts payable?
Money that you owe someone else
Money that you loaned to the bank
Money that a business owes to another business
Money that you invested in a company
