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What is Balance Sheet? Identify and explain any two purposes ofa 'Balance Sheet'.

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Lelia Lubowitz
Lelia LubowitzLv2
28 Sep 2019

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Explain the following:

The elements of the balance sheet, their purposes, and how tomeasure them.

The elements and purpose of the statement of changes instockholder's equity.

What is a “classified” balance sheet?

1. A balance sheet that classifies its year-end as 12/31.

2. A balance sheet that only displays total assets.

3. A balance sheet that separates assets and liabilities into current and non-current sections.

4. A balance sheet that has a restricted audience.

1. The type of account and normal balance of AccumulatedDepreciation are
a) contra asset, debit
b) asset, credit
c) asset, debit
d) liability, credit
e) contra asset, credit

2. Net income for Susan's Treasures is $25, 000 for the currentyear. The owner withdrew $2,000 per month for personal livingexpenses. The owner's Capital account will show a net
a) decrease of $1,000
b) increase of $49,000
c) decrease of $24,000
d) increase of $1,000
e) increase of $25,000

3. Which of the following are all temporary accounts?
a) liabilities, revenue, and expenses
b) revenue, liabilities, and the owner's drawing
c) assets, liabilities, and owner's drawings
d) revenue, expenses, and the owner's drawing
e) liabilities and assets

4. The last step in the closing procedure closes
a) the income summary account
b) the capital account
c) the drawing account
d) the expense accounts
e) all liability accounts

5. The Cash account is
a) closed to the owner's Capital account
b) closed to the owner's drawing account
c) shown on the balance sheet as a liability
d) show on the income statement
e) not closed
6. Assume a company has a net income that exceeds the owner'sdrawing for the current year. The owner's Capital account
a) will have a zero balance after the closing entries arecomplete
b) will increase
c)will decrease
d) will reamain the same as the beginnning balance
e) it is impossible to tell with the information provided
7. An accountant wanting to know the balance of a particularaccount would refer to the
a) ledger
b) cart of accounts
c) book of original entry
d) source document
e) journal
8. The owner's Capital account is found on the
a) trial blance credit column and income statement debit column ofa work sheet
b) trial balance credit column, adjusted trial balance creditcolumn, and blance sheet credit column of a worksheet
c) trial balance credit column, adjusted credit column, adjustedtrial balance dredit column, and the balance sheet credit column ofa work sheet
d) trial balance debit column, adjustements debit column, adjustedtrial balance credit column, and the income statement credit columnof a work sheet.
e) blance sheet debit column and nowhere else

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