Quiz  /  Balance Sheet Class 12 MCQ Questions With Answers

  • 1. 
    If assets decrease by $15,000 and liabilities increase by $10,000, Owner's Equity..

  • Increase by $5000
  • Decrease by $25,000
  • Increase by $10,000
  • Decrease by $15,000

  • 2. 
    How are Assets organized within their respective column?

  • Least to most liquid
  • Greatest to least price
  • At random
  • Most to least liquid

  • 3. 
    If OE is $300 and Assets are $1500, the Liabilities are:

  • $1800
  • $1200
  • $300
  • $1500

  • 4. 
    Which liability would appear last on the balance sheet?

  • Accounts Payable
  • Bank Loan
  • Mortgage Payable
  • Car Loan

  • 5. 
    If over the course of a year, your assets increase by $16 000 but your owner's equity decreases by $2000, what change occurred in your liabilities?

  • Liabilities increased by $14 000
  • Liabilities decreased by $14 000
  • Liabilities increased by $18 000
  • Liabilities stayed the same

  • 6. 
    In IFRS, the Balance Sheet is called the Financial Position

  • True
  • False

  • 7. 
    Office furniture is classified as:

  • Accounts Payable
  • Equity
  • Long-term asset
  • Current asset

  • 8. 
    Which of the following is a liability?

  • Accounts Receivable
  • Long Term Investments
  • Inventory
  • Accounts Payable

  • 9. 
    What is accounts payable?

  • Money that you owe someone else
  • Money that you loaned to the bank
  • Money that a business owes to another business
  • Money that you invested in a company

  • 10. 
    Which of the following is not another name or abbreviation for Owner's Equity?

  • Capital
  • OE
  • Owner's Capital
  • Boss Money

  • 11. 
    What is the name for someone who owes you money?

  • Debtor
  • Creditor
  • Owner
  • Customer

  • 12. 
    When is the only time you can use abbreviations on a balance sheet?

  • When the abbreviation is in the company's legal name
  • If the abbreviation is more than four letters long
  • Only if you forget how to spell the abbreviated word
  • Whenever you want
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