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Balance Sheet Class 11 MCQ Questions With Answers
1.
The Basic Accounting Equation is
A = L + D + R
SE = A + R
L = A + SE
A = L + SE
2.
A = 100OE = 20L = ?
120
80
40
5
3.
Which of the following is a current asset?
Accounts Payable
Inventory
Overdraft
Vehicle
4.
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
5.
A business' inventory is a:
Current Asset
Current Liability
Non Current Asset
Non Current Liability
6.
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
7.
A cash register is a:
Current Asset
Current Liability
Non Current Asset
Non Current Liability
8.
Examine the picture and select the value for Total Assets
300,000
800,000
2,000,000
2,500,000
9.
The Accounting Equation is: Assets = Capital - Liabilities
True
False
10.
Examine the picture and select the value for Net Assets
300,000
800,000
2,000,000
2,500,000
11.
Fixed assets can be converted to cash really quickly
True
False
12.
Which of these is an asset?
A loan to buy a van
A satisfied customer
Any stock (Inventory) that you have
Reduced rent
13.
Which of these might appear on a balance sheet?
Cost of sales
Cash flow forecast
Staff salaries
Creditors
14.
A balance sheet has four sections: 1)heading 2)assets 3) liabilities and 4)
credits
debits
owner's equity
15.
Which of these does a balance sheet show
How much gross profit a business made
Its total revenue
What a business owns and owes
How much it paid in rent
16.
Accounts Payable is a:
Current Asset
Current Liability
Non Current Asset
Non Current Liability
17.
Inventories is listed asA = AssetsL = LiabilitySE = Stockholders Equity
A
L
SE
18.
A = ?OE = 20L = 90
70
110
100
180
19.
Buildings and Equipment is listed asA = AssetsL = LiabilitySE = Stockholders Equity
A
L
SE
20.
Current liabilities are Long term
True
False
21.
Accounts Payable is listed asA = AssetsL = LiabilitySE = Stockholders Equity
A
L
SE
22.
On a balance sheet, if total assets are $15,000 and Total Liabilities are $10,000. Owner's Equity will equal:
5,000
25,000
7,500I
23.
A balance sheet can be prepared for any date or period of time?
True
False
24.
If Liabilities are more than the Assets, the Business's financial condition is not strong.
True
False
25.
A bank loan is normally a
long term liability
a current liability
a fixed asset
a current asset
26.
What period of time does a balance sheet cover?
One quarter
One moment in time
One year
One tax year
27.
Accounts Receivable is a:
Current Asset
Current Liability
Non Current Asset
Non Current Liability
28.
A mortgage is a:
Current Asset
Current Liability
Non Current Asset
Non Current Liability
29.
Which of the following is a non current liability
Overdraft
Accounts Payable
Mortgage
Goodwill
30.
Examine the picture and select the value for the funds available to shareholders
1,200,000
1,400,000
200,000
2,500,000
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