Balance Sheet Quiz
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Questions and Answers

What is a balance sheet also known as?

  • Income statement
  • Statement of financial position (correct)
  • Statement of cash flows
  • Statement of financial performance

    • Which financial statement applies to a single point in time of a business's calendar year?

  • Statement of financial performance
  • Balance sheet (correct)
  • Statement of cash flows
  • Income statement

    • Where are assets and financing listed in a standard company balance sheet?

  • Assets on the right, financing on the left (liabilities and ownership equity)
  • Assets and liabilities on the right, ownership equity on the left
  • Assets and liabilities on the left, ownership equity on the right
  • Assets on the left, financing on the right (liabilities and ownership equity) (correct)

    • What does a balance sheet summarize?

    <p>Financial balances of an individual or organization</p> Signup and view all the answers

    Which organization's financial condition does a balance sheet summarize?

    <p>Sole proprietorship, business partnership, corporation, private limited company, government, or not-for-profit entity</p> Signup and view all the answers

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