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Balance sheet
Quiz by Marqita Williams
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6 questions
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- Q1Which of the following is included on the assets side of a balance sheet?RevenueAccounts payableCash in bankCost of goods sold20s
- Q2Which of the following is typically included in the equity section of a balance sheet?Users re-arrange answers into correct orderJumble60s
- Q3What does a balance sheet report?The company's revenues and expensesThe company's future financial projectionsA company's financial position at a specific point in timeThe company's day-to-day transactions20s
- Q4Accounts Payable is a liability on a balance sheet?truefalseTrue or False20s
- Q5What is the purpose of a balance sheet?To project future financial performanceTo calculate net incomeTo track daily expenses and revenuesTo provide a snapshot of a company's financial position20s
- Q6What is the formula to calculate total assets on a balance sheet?Total Assets = Total Liabilities - Shareholders' EquityTotal Assets = Current Assets - Current LiabilitiesTotal Assets = Total Liabilities + Shareholders' EquityTotal Assets = Total Revenue - Total Expenses30s