Accounting: 2-5 Introduction to Balance Sheets

Quiz
•
Business
•
11th Grade
•
Hard
Steve Wills
Used 5+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a balance sheet report on?
Revenue and Expenses
Debt and Equity
Assets, Liabilities, and Owners’ Equity
Cash and Inventory
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is the balance sheet called a balance sheet?
Because it must balance
Because it shows financial transactions
Because it lists all expenses
Because it tracks revenue
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the accounting equation?
Liabilities = Revenue + Expenses
Liabilities = Owners’ Equity - Assets
Assets = Revenue - Expenses
Assets = Liabilities + Owners’ Equity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the impact of receiving a cash investment from the owner on the balance sheet?
Assets increase by $5,500 and Equity increases by $5,500
Equity decreases by $5,500 and Liabilities increase by $5,500
Assets decrease by $5,500 and Liabilities increase by $5,500
Liabilities increase by $5,500 and Equity decreases by $5,500
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the balance sheet when cash is used to pay for an annual insurance policy?
Equity increases
Revenue decreases
Liabilities decrease
Assets remain the same
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect on the balance sheet when supplies are purchased on account?
Assets increase and Liabilities decrease
Assets decrease and Liabilities decrease
Assets increase and Liabilities increase
Assets decrease and Liabilities increase
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the balance sheet when cash is used to pay down Accounts Payable?
Assets increase and Liabilities decrease
Assets decrease and Liabilities increase
Assets increase and Liabilities increase
Assets decrease and Liabilities decrease
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