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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 a business owns and owes.
Question 2
Easy
What principle states that Assets must equal Liabilities plus Owner's Equity?
💡 Hint: Remember the acronym ALOE!
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 is the primary purpose of a Balance Sheet?
- To show profits
- To summarize financial position
- To display cash flows
💡 Hint: Think about what a Balance Sheet summarizes.
Question 2
True or False: Liabilities are always greater than assets in a well-run business.
- True
- False
💡 Hint: Consider what represents a financially healthy company.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company reports ₹1,500,000 in assets, ₹800,000 in liabilities, and you find they paid off a ₹200,000 long-term loan. What will be the new owner's equity?
💡 Hint: Make sure to recalculate liabilities after the loan payment.
Question 2
If a company's original assets increased by 20% but liabilities increased by 10%, how would you express the change in owner's equity?
💡 Hint: Think about growth rates and how they impact both sides of the equation.
Challenge and get performance evaluation