Balance Sheet Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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 (B)</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 (C)</p> Signup and view all the answers

Flashcards are hidden until you start studying