Balance Sheet

Question 1

Liabilities + Capital =

Answer 1

Assets

Question 2

Assets - Liabilities =

Answer 2

Capital

Question 3

Assets - Current Liabilities =

Answer 3

Capital + Long Term Liabilities

Question 4

Fixed Assets + Current Assets - Current Liabilities =

Answer 4

Capital + Long Term Liabilities

Question 5

Land and Buildings =

Answer 5

Fixed Asset

Question 6

Furniture and Fittings =

Answer 6

Fixed Asset

Question 7

Vehicles =

Answer 7

Fixed Asset

Question 8

Stock/Inventory =

Answer 8

Current Asset

Question 9

Debtors/Receivables (customers that owe money to the business) =

Answer 9

Current Asset

Question 10

Bank/Cash =

Answer 10

Current Asset

Question 11

Creditor/Payables (suppliers) =

Answer 11

Current Liability

Question 12

Bank Overdraft =

Answer 12

Current Liability

Question 13

Expense/Tax Due (bill, ins, etc.) =

Answer 13

Current Liability

Question 14

Bank Loan =

Answer 14

Long Term Liability

Question 15

Lease/Mortgage =

Answer 15

Long Term Liability

Question 16

Capital (money in) =

Answer 16

Capital/Equity

Question 17

Profit =

Answer 17

Capital/Equity

Question 18

Drawings (money out) =

Answer 18

Capital/Equity

Question 19

Liabilities are

Answer 19

owed or borrowed

Question 20

Assets are

Answer 20

things you own or are owed