Balance Sheet Basics

Question 1

Name 6 typical types of Current Assets you might see on a Balance Sheet

Answer 1

Cash
Investments (sometimes called marketable securities)
Receivables
Inventory
Pre-Paid Expenses
Other

(In order of Liquidity)

Question 2

Name 4 types of Non-Current Assets

Answer 2

Long Term Investments
Plant, Property & Equipment (PPE)
Intangibles
Other Assets

Question 3

What is the fundamental accounting equation?

Answer 3

Assets = Liabilities + Owners Equity

Question 4

Name 3 types of Current Liability

Answer 4

Accounts Payable
Accrued Liabilities
Current maturities (or portion) of long-term debt

Question 5

Is a Balance Sheet a snapshot or period of time?

Answer 5

Snapshot. As at X Date 2023