5 Questions
What is a balance sheet also known as?
Statement of financial position
Which financial statement applies to a single point in time of a business's calendar year?
Balance sheet
Where are assets and financing listed in a standard company balance sheet?
Assets on the left, financing on the right (liabilities and ownership equity)
What does a balance sheet summarize?
Financial balances of an individual or organization
Which organization's financial condition does a balance sheet summarize?
Sole proprietorship, business partnership, corporation, private limited company, government, or not-for-profit entity
Test your knowledge of financial accounting with this quiz on balance sheets. See how well you understand assets, liabilities, and equity, and evaluate your ability to interpret and analyze financial positions of individuals and organizations.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
