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WorksheetsAssets, Liabilities & Equity
Total questions: 15
Worksheet time: 4mins
Asset or liability?
CASH
Asset
Liability
Neither
Which of the following is NOT found in an income statement?
Revenue
Net Profit
Prepaid Expenses
Income Tax Expense
Asset or liability?
ACCOUNTS RECEIVABLE
Asset
Liability
Neither
Monica Geller has assets of $120,000 and liabilities of $65,000. What is her equity (net worth)?
$165,000
$120,000
$65,000
$55,000
Asset or liability?
LAND
Asset
Liability
Neither
What is the equation to calculate Net Profit?
Gross Profit - Expenses
Revenue - Cost of Goods Sold
Cost of Goods Sold + Expenses
Revenue - Expenses
Asset or liability?
ACCOUNTS PAYABLE
Asset
Liability
Neither
Asset or liability?
REVENUE
Asset
Liability
Neither
Asset or liability?
LAST WEEK'S LABOUR COSTS
Asset
Liability
Neither
What is the equation to calculate Gross Profit?
Revenue - Expenses = Gross Profit
Revenue - Cost of Goods Sold = Gross Profit
Expenses - Revenue = Gross Profit
Revenue - Net Profit = Gross Profit
Asset or liability?
RENT EXPENSE
Asset
Liability
Neither
Chandler Bing has assets of $85,000 and liabilities of $185,000. What is his equity (or net worth)?
-$100,000
$100,000
-$185,000
$185,000
Asset or liability?
AUTOMOBILE
Asset
Liability
Neither
What is the balance sheet equation (also known as the accounting equation)?
Assets - Current Liabilities = Owners Equity
Owners Equity = Assets + Working Capital
Assets - Liabilities = Owners Equity
Liabilities = Current Assets + Non-current assets
Asset or liability?
EMPLOYEES
Asset
Liability
Neither
Both
