Balance Sheet questions and answers pdf
Another name for the balance sheet is Show
Statement Of Financial Position The balance sheet heading will specify a Which of the following is a category, classification, or element of the balance sheet? Which of the following is an asset account? Which of the following is a contra account? What is the normal balance for an asset account? What is the normal balance for liability accounts? What is the normal balance for stockholders' equity and owner's equity accounts? What is the normal balance for contra asset accounts? ABC Co. received $1,000 in December for services it will perform in the following month. ABC uses the accrual basis of accounting. In December ABC debited Cash for $1,000. What will be the other account involved in the December accounting entry prepared by ABC (and what type of account is it)? Accounts Receivable (asset) Service Revenues (revenue) Unearned Revenues (liability) ABC Co. performed services for Client Kay in December and billed Kay $4,000 with terms of net 30 days. ABC follows the accrual basis of accounting. In January ABC received the $4,000 from Kay. In January ABC will debit Cash, since cash was received. What account should ABC credit in the January entry? ABC Co. follows the accrual basis of accounting and performs a service on account (on credit) in December. The service was billed at the agreed upon amount of $3,500. ABC Co. debited Accounts Receivable for $3,500 and credited Service Revenue for $3,500. The effect of this entry on the balance sheet of ABC is to increase assets by $3,500 and to Decrease Assets By $3,500 Increase Owner's (Stockholders') Equity By $3,500 Which of the following accounts is not a current asset? Which of the following is normally a current liability? Note Payable Due In Two Years When an owner draws $5,000 from a sole proprietorship or when a corporation declares and pays a $5,000 dividend, the asset Cash decreases by $5,000. What is the other effect on the balance sheet? Owner's/Stockholders' Equity Decreases ABC Co. incurs cleanup expense of $500 on December 30. The supplier's invoice states that the $500 is due by January 10 and ABC will pay the invoice on January 9. ABC follows the accrual basis of accounting and its accounting year ends on December 31. What is the effect of the cleanup service on the December balance sheet of ABC? No Effect On Owner's Equity Deferred credits will appear on the balance sheet under which heading/classification? Owner's/Stockholders' Equity Notes Payable could not appear as a line on the balance sheet in which classification? On December 1, ABC Co. hired Juanita Perez to begin working on January 2 at a monthly salary of $4,000. ABC's balance sheet of December 31 will show a liability of what amount? ABC Co. has current assets of $50,000 and total assets of $150,000. ABC has current liabilities of $30,000 and total liabilities of $80,000. What is the amount of ABC's owner's equity? The amount reported on the balance sheet for Property, Plant and Equipment is the company's estimate of the fair market value as of the balance sheet date. The total amount reported for stockholders' equity is the approximate fair value or net worth of the corporation as of the balance sheet date. The book value of a corporation is the total amount of stockholders' equity reported on the balance sheet. The third line of the balance sheet heading for the end of the year should begin with "For the Year Ended". Want more practice questions?
Balance Sheet and Income StatementSource: Solved Examples Financial Statement Problems and SolutionsSource: Accountancy Knowledge Balance sheet problemsSource:https://www.accountancyknowledge.com/wp-content/uploads/2018/01/Problem-1.1.-trial-balance.jpg Trial Balance Problems and SolutionsSource: Accountancy Knowledge Balance Sheet and Income StatementSource: Solved Examples Balance Sheet and Income StatementSource: Solved Examples Financial Statement Problems and SolutionsSource: Accountancy Knowledge Balance Sheet ExampleSource: AccountingCoach Balance Sheet Example \u0026 Format (Vertical)Source:https://www.accountingnotes.net/wp-content/uploads/2017/01/clip_image001_thumb.jpg Ratio Analysis: Problems and SolutionsSource: Accounting Trial Balance Problems and SolutionsSource: Accountancy Knowledge Balance sheet problemsSource:https://www.apaservices.org/images/sample-balancesheet-image_tcm9-80066_w1024_n.gif Financial Statements 101: How to Read and Use Your Balance SheetSource:https://www.accountingcoach.com/wp-content/uploads/images/quiz-tables/bank-reconciliation-q16.png Balance Sheet Quiz and TestSource: AccountingCoach Financial Statement Problems and SolutionsSource: Accountancy Knowledge FREE 10+ Sample Balance Sheet Templates in MS WordSource: PDF Practical Questions and Answers Financial Accounting - PracticumSource:https://www.learncbse.in/wp-content/uploads/2020/11/NCERT-Solutions-for-Class-12-Accountancy-Part-II-Chapter-4-Analysis-of-Financial-Statements-Numerical-Questions-Q3.1.png NCERT Solutions for Class 12 Accountancy Part II Chapter 4Source:https://cdn.corporatefinanceinstitute.com/assets/AMZN-Balance-Sheet.png Financial Statements Examples – Amazon Case StudySource:https://www.mbacrystalball.com/blog/wp-content/uploads/2014/11/balance-sheet-example.jpg Balance SheetSource: MBA Crystal Ball Trend Analysis of Financial StatementsSource:https://www.accountancyknowledge.com/wp-content/uploads/2018/01/Problem-4.-Accounting-Equation.jpg Accounting Equation Problems and SolutionsSource: Balance Sheet Equation Solved: 620-%20Balance%20Sheet?620Problem%20%232pdf 476 ESource:https://www.accountancyknowledge.com/wp-content/uploads/2018/01/Problem-5.-trial-balance.jpg Trial Balance Problems and SolutionsSource: Accountancy Knowledge Balance Sheet - Definition \u0026 Examples (Assets \u003d Liabilities + Equity)Source:https://www.accountancyknowledge.com/wp-content/uploads/2018/01/Problem-1.-General-Ledger.jpg General Ledger Problems and SolutionsSource: Accountancy Knowledge Comparative Statements: Analysis of Balance Sheet \u0026 Income QuickBooksSource:https://cdn.corporatefinanceinstitute.com/assets/Financial-Statements-Example-Opener.png Financial Statements Examples – Amazon Case StudySource:https://www.beginner-bookkeeping.com/images/Balance_Sheet_Example_Day_4.jpg Sample Balance SheetSource:https://i.ytimg.com/vi/4Zb7o0Yz1Bw/maxresdefault.jpg Part B: Prepare Financial Statements Equity Balance Sheet CashSource:https://www.thebalancesmb.com/thmb/4wtaposoZywjW6ZhXBh4BXDqWnY\u003d/3400x3400/smart/filters:no_upscale()/Balance-Sheet-for-Tutorial-copy-image_01-56a0a3303df78cafdaa37e61.png Financial Ratio Analysis TutorialSource:https://www.accountancyknowledge.com/wp-content/uploads/2018/01/Problem-3.-trial-balance.jpg Trial Balance Problems and SolutionsSource: Accountancy Knowledge Chapter _ 2 - Exercise \u0026 Problems ANSWERSSource: Balance Sheet What is balance sheet answer the following questions?Balance Sheet is the financial statement of a company which includes assets, liabilities, equity capital, total debt, etc. at the end of financial year.
What are the 5 elements of balance sheet?The main elements of financial statements are as follows:. Assets. These are items of economic benefit that are expected to yield benefits in future periods. ... . Liabilities. These are legally binding obligations payable to another entity or individual. ... . Equity. ... . Revenue. ... . Expenses.. What are the 3 main components of the balance sheet?A balance sheet consists of three components: assets, liabilities, and shareholders' equity.
What are the 4 balance sheets?They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity.
|