Financial statements: Balance sheet vs Income statement

Financial statements: Balance sheet vs Income statement

University

25 Qs

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Financial statements: Balance sheet vs Income statement

Financial statements: Balance sheet vs Income statement

Assessment

Quiz

English

University

Medium

Created by

Joana Obrien

Used 6+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What do assets on a balance sheet represent?

Ownership

Liabilities

Expenses

Employee's income

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

How are assets categorized on a balance sheet?

Into revenue and expenses

Into liabilities and equity

Into current and non-current assets

Into cash and inventory

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What are examples of current assets?

Long-term debts

Patents, trademarks

Cash, inventory, accounts receivable

Property, plant, equipment

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the total assets line on a balance sheet?

The total expenses

The sum of current and non-current assets

The sum of current and non-current liabilities

The total revenue

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What do liabilities represent on a balance sheet?

Short term expenses incurred by the company

Income generated by the company

What the company owes

Assets owned by the company

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What are examples of current liabilities?

Accounts payable, due within a year

Cash, inventory

Marketing expenses, administrative costs

Accounts payable, long-term debts

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

How is shareholders' equity calculated?

By dividing assets by liabilities

By subtracting assets from liabilities

By substracting liabilities from currents assets

By subtracting liabilities from assets

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