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WorksheetsIntroduction to the Balance Sheet
Total questions: 12
Worksheet time: 7mins
Which one is not a liability?
Mobile Phone Bill
Bank Loan
Bank Balance
money owed for goods
Property owned by a business is called____
Liability
Asset
Property
Net Worth
Current Assets include cash or other assets that are expected to be converted to cash within a year
True
False
Non current liability are financial obligations that are due for settlement within 1 year. True or False
True
False
Which one is correct?
Asset = Owner's equity + Liability
Asset = Owner's equity - Liability
Asset + Owner's equity = Liability
Asset + Owner's equity = expense
What are liabilities?
Money that the business has in stock
Money owed by the business to banks or suppliers
The amount of money owed to shareholders
Which of the following consist of only assets?
Car, Bank Loan, Computer
Creditor, Debtors, Cash at Bank
Debtors. Cash at bank, Building
Cash in hand, cash at bank, creditors
Select the item which is a fixed asset
Select the item which is not a component of a balance sheet.
Fixed Assets
Current Assets
Current Liabilities
Expenses
Which item would represent a liability in a business?
Examples of Liabilities include which of the following:
Loans, credit cards, and real property
Loans, mortgage, and credit cards
Loans, Art collection, and savings account
Mortgage, credit card, and real property
Which of the following includes ONLY Current Liabilities include
trademark, creditors, mortgage
bank overdraft, mortgage, bank loan
Short-term loan, creditors, bank overdraft.
cash in hand, bank balance, short term loan
