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Master Balance Sheets

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Questions and Answers

Which of the following best describes a balance sheet?

A summary of each and every financial statement of an organization
A snapshot of a company's financial condition (correct)
A summary of the financial balances of an individual or organization
A statement that applies to a single point in time of a business's calendar year

What are the main categories listed first on a balance sheet?

Net worth
Assets (correct)
Liabilities
Equity

According to the accounting equation, what is the relationship between assets, liabilities, and owner's equity?

Assets = Liabilities + Owner's Equity (correct)
Assets + Liabilities = Owner's Equity
Assets = Liabilities - Owner's Equity
Assets - Liabilities = Owner's Equity

Which of the following is a type of balance sheet?

Both report form and account form (C) Signup and view all the answers

What is personal net worth?

The difference between an individual's total assets and total liabilities (C) Signup and view all the answers

What are current assets?

Assets that can be easily converted into cash within a year (A) Signup and view all the answers

What are non-current assets?

Assets that are held for long-term investment (A) Signup and view all the answers

Which of the following is considered a liability on a balance sheet?

Accounts payable (D) Signup and view all the answers

What does shareholders' equity represent on a balance sheet?

The net assets of a company (A) Signup and view all the answers

Which of the following is a key control process in the SOX 404 top-down risk assessment?

Balance sheet substantiation (D) Signup and view all the answers

What is the purpose of balance sheet substantiation?

To confirm the accuracy of balance sheet values (A) Signup and view all the answers

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