General Balance Sheet MCQs

1. The book value of a corporation is the total amount of stockholders' equity reported on the balance sheet.

2. The third line of the balance sheet at the end of the year should begin with "For the Year Ended".

3. Which of the following is the accounting equation?

4. Notes Payable could not appear as a line on the balance sheet in which classification?

5. The accounting equation may not be expressed as:

6. A balance sheet does not:

7. Which of the following accounts is a non-current liability?

8. The balance sheet heading will specify a

9. Which of the following is an asset account?

10. What is the normal balance for contra asset accounts?

11. What is the normal balance for stockholders' equity and owner's equity accounts?

12. What is the normal balance for liability accounts?

13. Client Jay pays ABC Co. $1,000 in December for ABC to perform services for Jay in 45 days. ABC uses the accrual basis of accounting. In December ABC will debit Cash for $1,000. What will be the other account involved in the December accounting entry prepared by ABC (and what type of account is it)?