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WorksheetsPrinciples of Accounts
Total questions: 14
Worksheet time: 7mins
What is a balance sheet?
A final account
A snapshot of the business' financial position of at a particular point in time.
It shows the business' assets, liabilities and capital
Identify the categories of accounts found on the balance sheet.
Assets, liabilities, capital
Expenses, liabilities, income
Financed by, expenses, revenue
All are examples of current assets except
bank
debtors
loans
inventory
The term current assets refer to assets that are likely to change
6 months
2 years
3 months
1 year
What is the correct order for current assets in the balance sheet?
cash, bank, debtors, stock
stock, debtors, bank, cash
stock, bank, cash, debtors
debtors, stock, bank, cash
Accounting information is important and relevant for decision making process. Some examples of the users of the information are:
bank loan officer
Sales Vice-president
investors
regulatory agencies
Which one is right?
Asset = Owner's equity + Liability
Asset = Owner's equity - Liability
Asset + Owner's equity = Liability
Asset + Owner's equity = expense
Which one is not belongs to liability?
Mobile Phone Bill
Bank Loan
Bank Balance
Owed To Friends
Mr.W has current assets of $500 and total assets of $1500. ABC has current liabilities of $300 and total liabilities of $800. What is the amount of ABC's owner's equity
200
700
900
800
The balance sheet heading will specify a
Period Of Time
Point In Time
The third line of the balance sheet at the end of the year should begin with "For the Year Ended".
True
False
