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Balance Sheet Basics Quiz

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Balance Sheet Basics Quiz

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Grade 9 Balance Sheet

Created by

Adanri Anuoluwapo Anuoluwapo
Adanri Anuoluwapo Anuoluwapo
Nigeria

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Balance Sheet Basics Quiz
 

Balance Sheet Basics QuizOnline version

Grade 9 Balance Sheet

by Adanri Anuoluwapo Anuoluwapo
1

Which side of a balance sheet lists assets?

2

What is the primary purpose of a balance sheet?

3

Which item is a current asset?

4

What does owner's equity represent?

5

If total assets = 500k and total liabilities = 320k, what is owner's equity?

6

Which is a non-current liability?

7

Where is prepaid expenses categorized on the balance sheet?

8

What is the balance sheet equation?

9

What does 'net worth' commonly refer to?

10

What is a tangible asset?

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The left side shows assets; liabilities and equity are on the right side.

A balance sheet captures financial position at a specific date.

Accounts receivable is typically a current asset due to expected collection within a year.

Owner's equity equals assets minus liabilities.

Equity = Assets − Liabilities; 500k − 320k = 180k.

Non-current liabilities are due after more than 12 months.

Prepaid expenses are typically a current asset until used.

Classic accounting equation.

Net worth is another term for owner's equity.

Tangible assets have physical form.

 
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