Balance Sheet

Which one is not belongs to liability?

• Mobile Phone Bill

• Bank Loan

• Bank Balance

• Owed To Friends

Property owned by the business is under which title

• Liability

• Asset

• Owner's Equity

• Net Worth

Debts and financial obligations (responsibilities).

• Liabilities

• Assets

• Negative Net Worth

• Property

Tags

CCSS.7.NS.A.1B

Which of the following is considered an asset?

• Bank Loan
• Mortgage
• Debit Card
• Savings account

Which of the following is considered a liability?

• Savings Account
• Mortgage
• Savings bond
• Coin Collection

The table below shows Claude's assets and liabilities.  What is the total value of his assets?

• $24,950
• $25,420
• -$24,950
• $50,370

Tags

CCSS.7.EE.B.3

The table below shows Claude's assets and liabilities. What is the total value of his liabilities?

• $24,950

• -$24,520

• $25,420

• $50,370

Current Assets are cash or other assets that are expected to be converted to cash within a year

• True

• False

Which one is right?

• Asset = Owner's equity + Liability

• Asset = Owner's equity - Liability

• Asset + Owner's equity = Liability

• Asset + Owner's equity = expense

Mr.W has current assets of $500 and total assets of $1500. ABC has current liabilities of $300 and total liabilities of $800. What is the amount of ABC's owner's equity

• 200

• 700

• 900

• 800