Balance Sheets

A balance sheet can be prepared for any date or period of time?

• True
• False

A balance sheet has four sections:  1)heading 2)assets 3) liabilities and 4)

• credits
• debits
• owner's equity

On a balance sheet, if total assets are $15,000 and Total Liabilities are $10,000.  Owner's Equity will equal:

• 5,000
• 25,000
• 7,500I

If Liabilities are more than the Assets, the Business's financial condition is not strong.

• True
• False

Accounts Payable is a:

• Current Asset
• Current Liability
• Non Current Asset
• Non Current Liability

Accounts Receivable is a:

• Current Asset
• Current Liability
• Non Current Asset
• Non Current Liability

An building is a:

• Current Asset
• Current Liability
• Non Current Asset
• Non Current Liability

A mortgage is a:

• Current Asset
• Current Liability
• Non Current Asset
• Non Current Liability

A cash register is a:

• Current Asset
• Current Liability
• Non Current Asset
• Non Current Liability

A business' inventory is a:

• Current Asset
• Current Liability
• Non Current Asset
• Non Current Liability