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Balance Sheet

1) Key Things To Know 5) Medium Practice Test
2) Self Test 6) Hard Practice Test
3) Practice as You Learn  
4) Easy Practice Test  

Practice As Your Learn

Know the definitions of the common assets, liabilities, and owner’s equity accounts
   and understand what each represents.  See Key Things to Know.

You will be required to classify items that go on the balance sheet:
            1)  Determine the common name of the item
            2)  Determine current or non current
            3)  Determine what section of the balance sheet the item is reported

You will be required to prepare the balance sheet in the proper format and order of
   liquidity.  Memorize the format of the key categories classified balance sheet:

Balance Sheet – Practice Problem 1 – Classification of accounts

For each of the following accounts, indicate where the account is reported on the balance sheet.

CA     Current asset             LTA     Long term asset                    SE  Stockholder’s Equity
CL     Current liability           LTL     Long term liability                N     Not reported

 

______1.  profits and losses kept in the company    
______2.  items used up in day to day business    
______3.  land used to produce revenues
______4.  amounts paid for the right to use a symbol
______5.  cash
______6.  amounts paid before services were provided      
______7.  common stock
______8.  long term debt due in less than 1 year
______9.  items held to be sold to customers       
_____10.  amounts owed to investors; due in 10 years
_____11.  amounts owed to banks; due in 5 years
_____12.  loans to others; due in 6 months
_____13.  investments to be sold in 3 months
_____14.  amount paid above net assets when purchasing a company 
_____15.  amount paid for right to publish

 

Check Your Answers

                                                                                   

 

 

 
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