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Interpreting a Balance Sheet

Interpreting a Balance Sheet
Created by Quizmagic Team on Jan 21, 2013 01:03 PM
How well do you understand Balance Sheets? Can you read a company's balance sheet and interpret it correctly?
Top 5 Scores
Anonymous
98
01:14
Anonymous
94
01:29
Ganeswar Miniaka
90
01:51
Ganeswar Miniaka
82
02:30
Anonymous
78
00:29
Questions
12
Minutes
5
High Score
98
01:14
Quiz Played
1652
times
Last played on Dec 04, 2016. View comments
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Sample Questions

Question 1
Which of the following is most correct?
Sources and application of funds statement is necessary to determine a company's profitability.
Fixed assets can be valued more accurately than current assets.
A balance sheet is of limited value in predicting a company's future profitability.
A balance sheet gives only a limited picture of the money an enterprise owes.
Question 2
Which of the following factors could be reflected on a company's balance sheet?
the market value of its fixed assets
expected future technological developments
investment in new machinery and equipment
the state of the country's economy
Question 3
In assessing a company's future potential, a balance sheet may not be sufficient because:
fixed assets cannot be valued with absolute accuracy
it does not show how the gross profit was calculated
it reflects only items which can be expressed in monetary terms
it does not include an income statement
Question 4
Before we can accept a balance sheet as a reliable and authentic statement, we would want to see that it:
has been signed by at least one of the directors and an external
auditor
is accompanied by a sources and uses of funds statement
is attached to the previous year's balance sheet
has been stamped by the tax authorities
Question 5
Which of the following features is not essential on a well-drawn-up balance sheet?
the name of the company to which the balance sheet refers
the age of the accountant drawing up the balance sheet
the date of the balance sheet
separate totals for current and fixed assets and current and fixed liabilities
Question 6
In valuing an enterprise that is to be sold as a going concern, which of the following figures will we not be able to get even from the most recent balance sheet?
future profits
the value of the current assets
long-term loans outstanding
trade accounts payable
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