Quiz  /  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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