The balance sheet provides a snapshot of the firm’s assets and liabilities.
举一反三
- There are three Elements in balance sheet, namely assets, liabilities and owner’s equity.
- Two common subgroups for liabilities on a classified balance sheet are: ____ A: current liabilities and intangible liabilities. B: present liabilities and operating liabilities. C: general liabilities and specific liabilities. D: current liabilities and non-current liabilities.
- Two common subgroups for liabilities on a classified balance sheet are: A: current liabilities and intangible liabilities. B: present liabilities and operating liabilities. C: general liabilities and specific liabilities. D: intangible liabilities and long-term liabilities. E: current liabilities and long-term liabilities.
- The ________ shows the assets, liabilities, and owners' equity of a firm, at a specific point in time. A: income statement B: balance sheet C: statement of cash flows D: trial balance
- Which of the following statement related to the three elements in a balance sheet is not true? A: Liabilities= Assets + Owners’ equity B: Assets refer to the resources controlled by the firm C: Liabilities refer to the amounts owed to lenders and other creditors D: Owner’s equity refers to the residual interest in the net assets of an entity that remains after deducting its liabilities