Chapter 24: Balance Sheets
2 years ago
deanhoss
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15 QuestionsShow answers
  • Question 1
    30 seconds
    Q. Which of these does a balance sheet show
    answer choices
    How much gross profit a business made
    Its total revenue
    What a business owns and owes
    How much it paid in rent
  • Question 2
    30 seconds
    Q. What period of time does a balance sheet cover?
    answer choices
    One quarter
    One moment in time
    One year
    One tax year
  • Question 3
    30 seconds
    Q. Which of these might appear on a balance sheet?
    answer choices
    Cost of sales
    Cash flow forecast
    Staff salaries
    Creditors
  • Question 4
    30 seconds
    Q. Which of these is a liability?
    answer choices
    Cash in bank
    Money owed to other business (creditors)
    Stock
    Machinery
  • Question 5
    30 seconds
    Q. Current liabilities are Long term
    answer choices
    True
    False
  • Question 6
    30 seconds
    Q. Which of these is an asset?
    answer choices
    A loan to buy a van
    A satisfied customer
    Any stock (Inventory) that you have
    Reduced rent
  • Question 7
    30 seconds
    Q. Fixed assets can be converted to cash really quickly
    answer choices
    True
    False
  • Question 8
    30 seconds
    Q. A bank loan is normally a
    answer choices
    long term liability
    a current liability
    a fixed asset
    a current asset
  • Question 9
    30 seconds
    Q. Which of these does not appear on a balance sheet?
    answer choices
    A loan to the bank
    Machinery you own
    Any cash in your bank
    The breakeven point
  • Question 10
    30 seconds
    Q. The Accounting Equation is: Assets = Capital - Liabilities
    answer choices
    True
    False
  • Question 11
    30 seconds
    Q. Working Capital is:
    answer choices
    Assets - Liabilities
    Current Assets - Current Liabilities
    Fixed Assets - Long-term Liabilities
    None of the above
  • Question 12
    30 seconds
    Q. Examine the picture and select the value for Total Assets
    answer choices
    300,000
    800,000
    2,000,000
    2,500,000
  • Question 13
    30 seconds
    Q. Examine the picture and select the value for Net Assets
    answer choices
    300,000
    800,000
    2,000,000
    2,500,000
  • Question 14
    30 seconds
    Q. Examine the picture and select the value for Working Capital
    answer choices
    300,000
    800,000
    2,000,000
    2,500,000
  • Question 15
    30 seconds
    Q. Examine the picture and select the value for the funds available to shareholders
    answer choices
    1,200,000
    1,400,000
    200,000
    2,500,000
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