Balance sheet - JSS3 Business studies Past Questions and Answers - page 1
What is the purpose of a balance sheet?
To calculate profits
To assess a company's financial position at a specific point in time
To record daily transactions
To determine market share
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Which of the following is classified as a liability?
Equipment
Accounts receivable
Accounts payable
Inventory
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What are assets?
Debts owed by the company
Resources owned or controlled by the company that can provide future economic benefits
Amount invested by shareholders
Profits earned by the company
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Which of the following is an example of a current asset?
Property
Equipment
Accounts receivable
Long-term investments
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What does equity represent?
Resources owned or controlled by the company
Obligations owed by the company
Owners' stake in the company
Debts owed to external parties
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What is the total liabilities and equity in the given balance sheet?
₦103,000
₦75,000
₦50,000
₦53,000
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Which of the following is an example of a non-current liability? a
Accounts payable
Short-term loans
Long-term loans
Accrued expenses
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What does the balance sheet provide a snapshot of?
Future financial projections
Past financial performance
Current financial position
Market trends
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Which section of the balance sheet lists obligations due within one year?
Current assets
Non-current assets
Current liabilities
Non-current liabilities
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What does retained earnings represent?
Investments made by shareholders
Accumulated profits not distributed as dividends
Debts owed by the company
Assets owned by the company
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