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A set of accounting questions including multiple choice, short answer, and a balance sheet calculation problem.
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SECTION A: MULTIPLE CHOICE
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The balance sheet shows the financial position of a business at a given point in time.
- A) True
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Which of the following is an example of a non-current asset?
- C) Buildings
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The basic accounting equation is:
- B) Assets = Liabilities + Owners' Equity
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Which of the following is an example of a current liability?
- D) Accounts Payable
SECTION B: SHORT ANSWER QUESTIONS
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A current liability is an obligation that a business expects to settle within one year.
- Example: Accounts Payable (money owed to suppliers).
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Owner's capital or owner's equity is the amount of money or assets the owner has invested in the business, plus any accumulated profits that have been retained in the business.
SECTION C: BALANCE SHEET
Calculate the missing figures (A, B, C, D, E, F, G).
- A (Total Current Assets):
- B (Total Non-Current Assets):
- C (TOTAL ASSETS):
- D (Total Current Liabilities):
- E (Total Non-Current Liabilities):
- F (Total Owners' Equity):
- G (TOTAL LIABILITIES AND OWNERS' EQUITY):
Answer the questions based on the calculated figures.
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The missing figures are:
- A:
- B:
- C:
- D:
- E:
- F:
- G:
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The total current assets are:
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The total non-current assets are:
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The total assets are:
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The total current liabilities are:
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The total non-current liabilities are:
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The total of Total Liabilities and Owners' Equity is:
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The total owner's equity is:
SECTION D: INCOME STATEMENT
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Calculate Gross Profit.
Calculate Total Expenses.
Calculate Net Profit.
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