Balance Sheet Quiz

What does a "Balance Sheet" list?

• Revenue, Expenses, Profit

• Assets, Liabilities, Owner's Equity

• Cash Flow, Investments, Dividends

• Sales, Purchases, Inventory

Which of the following is an "Asset"?

• Loan

• Inventory

• Mortgage

• Accounts Payable

Which of the following is a component of a "Balance Sheet"?

• Revenue

• Owner's Equity

• Expenses

• Net Profit

"Machines" go under what section of a "Balance Sheet"?

• Revenue

• Assets

• Expenses

• Net Profit

Which of the following is something a company owns?

• Liabilities

• Accounts Receivable

• Loans

• Accounts Payable

What is an example of a "Liability"?

• Petty Cash

• Debt

• Office supplies

• Company vehicles

Which best describes "Petty Cash"?

• A large reserve of funds

• A small amount of cash for minor expenses

• A company's total revenue

• A fund for employee salaries

What does "liabilities" mean in accounting?

• Company assets

• Company debts

• Company profits

• Company investments

Which of the following is an example of "Owner's Equity"?

• Accounts Payable

• Investment Capital

• Bank Loan

• Credit Card Debt

On a "Balance Sheet" what does "Assets" mean?

• Debts owed by the company

• Resources owned by the company

• Revenue generated by the company

• Expenses incurred by the company