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Balance sheet

Quiz by Marqita Williams

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6 questions
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  • Q1
    Which of the following is included on the assets side of a balance sheet?
    Accounts payable
    Cash in bank
    Cost of goods sold
  • Q2
    Which of the following is typically included in the equity section of a balance sheet?
    Users re-arrange answers into correct order
  • Q3
    What does a balance sheet report?
    The company's revenues and expenses
    The company's future financial projections
    A company's financial position at a specific point in time
    The company's day-to-day transactions
  • Q4
    Accounts Payable is a liability on a balance sheet?
    True or False
  • Q5
    What is the purpose of a balance sheet?
    To project future financial performance
    To calculate net income
    To track daily expenses and revenues
    To provide a snapshot of a company's financial position
  • Q6
    What is the formula to calculate total assets on a balance sheet?
    Total Assets = Total Liabilities - Shareholders' Equity
    Total Assets = Current Assets - Current Liabilities
    Total Assets = Total Liabilities + Shareholders' Equity
    Total Assets = Total Revenue - Total Expenses

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