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Commerce
Balance Sheet
Quiz 2
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Q.1
Cash is listed asA = AssetsL = LiabilitySE = Stockholders Equity
A
L
SE
Q.2
Equity is the
financing provided by suppliers
financing provided by the bank
amount of financing provided by earnings alone.
amount of financing provided by owners of the business and earnings.
Q.3
Retained Earnings is
All financing being retained
Past earnings not distributed to stockholders.
Current periods earnings not distributed
Everything left over after current periods dividends
Q.4
Liabilities
are promises the business is planning to make
are debts or obligations of the business from past transactions
verbal promises made by the business from past times
are debts or obligations of the owner made in the last week
Q.5
On a balance sheet, if total assets are $15,and Total Liabilities are $10, Owner's Equity will equal:
5,000
25,000
7,500I
Q.6
A balance sheet has four sections: 1)heading 2)assetsliabilities and 4)
credits
debits
owner's equity
Q.7
Non current liability are financial obligations that are due for settlement within 1 year. True or False
True
False
Q.8
Which of the following is a Non current asset?
Furniture
Other Receivables
Trade payables
All the above are or can be non-current assets
Q.9
Current Assets are cash or other assets that are expected to be converted to cash within a year
True
False
Q.10
Which of the following is considered a liability?
Savings Account
Mortgage
Savings bond
Coin Collection
Q.11
Which of the following is considered an asset?
Bank Loan
Mortgage
Debit Card
Savings account
Q.12
A _______________ is a resource that is owned by a business.
short term
asset
None of these
Q.13
Net Worth if equal to:
Liabilities added to assets
Assets minus liabilities
Assets added to liabilities
Q.14
Dose expense in the liability/Assets account?
Assets
Liability
Q.15
Which item do we always begin the preparation of the balance sheet with?
The Capital
The name of the sole trader or company
The Date
The Assets
Q.16
Net Assets = Total Assets -
liabilities
Total Long
Both A & B
None of these
Q.17
Select the item which is not a component of a balance sheet.
Fixed Assets
Current Assets
Current Liabilities
Expenses
Q.18
Select which two items we use when we are calculating the Net Assets/ Working Capital
Total Assets
Total Liabilities
Capital
Both A & B
Q.19
Calculate the total assets?Current Assets - $100.00Fixed Assets - $200Current Liabilities -$300Capital - $100
300
400
500
200
Q.20
Whcih of the following consist of only assets?
Car, Bank Loan, Computer
Creditor, Debtors, Cash at Bank
Debtors. Cash at bank, Building
Cash in hand, cash at bank, creditors
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