What are assets in a balance sheet?

Understanding Balance Sheets

Quiz
•
Other
•
10th Grade
•
Easy
Nwafor Nneka
Used 4+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets are liabilities that decrease a company's value.
Assets are expenses that reduce future profits.
Assets are resources owned by a company that provide future economic benefits.
Assets are debts owed by the company to creditors.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define liabilities in the context of a balance sheet.
Liabilities are assets that a company owns.
Liabilities are the profits a company has earned.
Liabilities are financial obligations or debts that a company must settle in the future.
Liabilities are future investments a company plans to make.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the equation that represents the balance sheet?
Assets + Liabilities = Equity
Assets = Liabilities + Equity
Assets - Liabilities = Equity
Liabilities = Assets - Equity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the difference between current and non-current assets.
Current assets include fixed assets, while non-current assets include inventory.
Current assets are always tangible items, while non-current assets are intangible.
Current assets are investments held for more than a year, while non-current assets are cash equivalents.
Current assets are short-term assets expected to be converted to cash within one year, while non-current assets are long-term assets not expected to be liquidated within a year.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is owner's equity?
Owner's equity is the amount of cash a business has on hand.
Owner's equity is the total revenue generated by a business.
Owner's equity is the total liabilities of a business.
Owner's equity is the residual interest in the assets of a business after deducting liabilities.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do you calculate total assets?
Total assets = Current Assets - Non-Current Assets
Total assets = Current Liabilities + Non-Current Assets
Total assets = Current Assets + Non-Current Assets
Total assets = Current Assets x Non-Current Assets
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are examples of current liabilities?
Long-term investments
Future tax liabilities
Examples of current liabilities include accounts payable, short-term loans, accrued expenses, and current portions of long-term debt.
Inventory items
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