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WorksheetsABM 2
Total questions: 15
Worksheet time: 16mins
Asset, liability and equity accounts are extended to
balance sheet section
income statement section
retained earnings
trial balance
Revenue and expense accounts are extended to
retained earning statement
balance sheet section
income statement
accounts payable section
What is balance sheet?
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.
A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss
Which one is not belongs to liability?
Mobile Phone Bill
Bank Loan
Bank Balance
Owed To Friends
Property owned by an individual
Liability
Asset
Property
Net Worth
Debts and financial obligations (responsibilities).
Liabilities
Assets
Negative Net Worth
Property
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
Examples of assets include:
Real Property, Car, and credit cards
Car, Jewelry, and Checking account
Art collection, Jewelry, and unpaid taxes
Real Property, Car loan, Jewelry
Solve for the asset
Total liabilities (323,528) + Equity (186,422)
509,905
509,950
510,950
509,955
What is the name given for all the resources owned by the business?
Assets
Liabilities
Capital
All of the Above
What is the name given to the account in which the owner withdraws money from the business?
Assets
Liability
Drawings
Capital
A supplier's account to whom money is owed to for goods or services supplied is known as___________.
Assets
Accounts Receivable
Accounts Payable
Capital
What is the accounting equation used in the Statement of Financial Position?
Total assets = Total Income + Equity
Total assets = Total Loan + Equity
Total assets = Total liabilities + Equity
Total assets = Total Liabilities - Equity
