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WorksheetsFinance 101 - Balance Sheet
Total questions: 10
Worksheet time: 5mins
This means anything that provides or will provide a benefit.
Net Income
Equity
Liability
Asset
Which of the following may NOT provide cash inflow to the company?
Payment of liabilities
Collection from customers
Sale of company car
Payment by employee of his loan
In manufacturing, the transfer of work in progress to finished goods affects what balance sheet account:
Inventories
Cost of Goods Sold
Production Machineries and Equipment
Transfer Price
The fixed assets of a company can be easily converted to immediate cash.
True
False
This means an obligation that will require an entity to spend resources.
Asset
Liability
Equity
Net Income
NMT sells CBUs to NPI on account, payable in 45 days. What is the effect on NMT's cash at the time of sale?
Decrease
Increase
No effect
Cannot be determined
What is the effect of payment of NPI to NMT in the books of NMT?
I. Increase in Cash
II. Decrease in Liability
III. Decrease in Accounts Receivable
d) Both I & III
Which of the following is a category, classification, or element of the balance sheet?
Expenses
Gains
Equity
Losses
Equity is equivalent to the total assets of a company less its liabilities. It is also referred to as:
Net Revenue
Net Income
Net Assets
Net Liabilities
Assets = Liabilities + Shareholders' Equity
True
False
