Practice Balance Sheet - 17.5 | 17. Final Accounts (Trading, Profit & Loss Account and Balance Sheet) | Management 1 (Organizational Behaviour/Finance & Accounting)
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17.5 - Balance Sheet

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What are the three main components of a Balance Sheet?

💡 Hint: Think about what the business owns and owes.

Question 2

Easy

Define Owner's Equity.

💡 Hint: It's what's left for the owner after paying off what the business owes.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What does a Balance Sheet represent?

  • A list of all expenses
  • The financial position of a business at a specific time
  • The income of a business for a period

💡 Hint: Remember what it shows about the business.

Question 2

True or False: Owner's equity increases when a business incurs a loss.

  • True
  • False

💡 Hint: Think about how profits affect owner's equity.

Solve 2 more questions and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

If a company has total assets of $1,250,000 and total liabilities of $750,000, what is the owner's equity? Further, explain how this owner's equity could change if the company takes a new loan.

💡 Hint: Remember the accounting equation and how changes affect it.

Question 2

Create a hypothetical Balance Sheet for a small business with the following information: Assets ($200,000), Liabilities ($120,000), and explain how changing the values of Assets or Liabilities will impact Owner’s Equity.

💡 Hint: Refer back to the accounting equation for your explanations.

Challenge and get performance evaluation