WorksheetsThe Balance Sheet
Total questions: 5
Worksheet time: 2mins
What does a classified balance sheet show?
Assets, liabilities, and owner’s equity (current and non-current)
Total profit and losses for business
Only money business owes
Only owner's personal assets
Which of the following is a current asset?
Building
Inventory
Term deposit paid back in 18 months
Delivery van
Which of the following statement is INCORRECT?
Asset - Owner's Equity = Liabilities
Liabilities + Owner's Equity = Assets
Assets - Liabilities = Owner's Equity
Liabilities + Assets = Owner's Equity
Are all current/non-current assets listed on the LEFT or RIGHT hand side of the Balance Sheet?
Left
Right
Financial information must be capable of influencing decisions made by users to help them make predictions and/or confirm or change their previous evaluations.
