WorksheetsWeek 2 Balance Sheet
Total questions: 21
Worksheet time: 21mins
Name
Class
Date
1.
A balance sheet has four sections: 1)heading 2)assets 3) liabilities and 4)
a)
credits
b)
debits
c)
owner's equity
2.
On a balance sheet, if total assets are $15,000 and Total Liabilities are $10,000. Owner's Equity will equal:
a)
5,000
b)
25,000
c)
7,500I
3.
Accounts Payable is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
4.
Accounts Receivable is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
5.
A building is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
6.
A mortgage is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
7.
A business' inventory is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
8.
A = 100
OE = 20
L = ?
OE = 20
L = ?
a)
120
b)
80
c)
40
d)
5
9.
A = ?
OE = 20
L = 90
OE = 20
L = 90
a)
70
b)
110
c)
100
d)
180
10.
Which of the following is a current asset?
a)
Accounts Payable
b)
Inventory
c)
Overdraft
d)
Vehicle
11.
Which of the following is a current liability?
a)
Accounts Receivable
b)
Cash
c)
Overdraft
d)
Vehicle
12.
Which of the following is a non current liability
a)
Overdraft
b)
Accounts Payable
c)
Mortgage
d)
Goodwill
13.
The Basic Accounting Equation is
a)
A = L + D + R
b)
SE = A + R
c)
L = A + SE
d)
A = L + SE
14.
Liabilities
a)
are promises the business is planning to make
b)
are debts or obligations of the business from past transactions
c)
verbal promises made by the business from past times
d)
are debts or obligations of the owner made in the last week
15.
Retained Earnings is
a)
All financing being retained
b)
Past earnings not distributed to stockholders.
c)
Current periods earnings not distributed
d)
Everything left over after current periods dividends
16.
Equity is the
a)
financing provided by suppliers
b)
financing provided by the bank
c)
amount of financing provided by earnings alone.
d)
amount of financing provided by owners of the business and earnings.
17.
Cash is listed as
A = Assets
L = Liability
SE = Stockholders Equity
A = Assets
L = Liability
SE = Stockholders Equity
a)
A
b)
L
c)
SE
18.
Land is listed as
A = Assets
L = Liability
SE = Stockholders Equity
A = Assets
L = Liability
SE = Stockholders Equity
a)
A
b)
L
c)
SE
19.
The table below shows Claude's assets and liabilities. What is the total value of his assets?
a)
$24,950
b)
$25,420
c)
-$24,950
d)
$50,370
20.
The table below shows Claude's assets and liabilities. What is the total value of his liabilities?
a)
$24,950
b)
-$24,520
c)
$25,420
d)
$50,370
21.
Someone to whom money is owed
a)
creditor
b)
security valuation
c)
debt−to−equity ratio
100 %
