The Balance Sheet

Please choose the most appropriate answer for each sentence.
  • 1

    A balance sheet shows the financial ..... that a company has at a point in time and where they came from.

  • 2

    It is an instant photograph that displays the company's financial ..... at the end of a business month, quarter or year.

  • 3

    The organization of a balance sheet reflects this basic .....: assets equal debts plus equity.

  • 4

    The ..... of accounts is a listing of the accounts that are reflected in the financial statements.

  • 5

    Assets are often listed in the order of their ..... - which means how easy it would be to convert each asset into cash.

  • 6

    Assets are divided into three categories: Current Assets, Fixed Assets, and ..... Assets.

  • 7

    Current assets will likely be turned into cash or converted into a(n) ..... within a year.

  • 8

    Fixed assets are saleable, but are not expected to be converted to cash in the ..... course of business.

  • 9

    Liabilities are debts or ..... stemming from goods or services received by the company.

  • 10

    If the assets of a company are greater than its liabilities, then the equity of the business is the positive ..... between the two numbers.

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