Interpreting a Balance Sheet

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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

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Last played on Jun 16, 2022. View comments

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Sample Questions

Question 1

Which of the following is most correct?

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.
Fixed assets can be valued more accurately than current assets.
Sources and application of funds statement is necessary to determine a company's profitability.

Question 2

Which of the following factors could be reflected on a company's balance sheet?

the market value of its fixed assets
the state of the country's economy
investment in new machinery and equipment
expected future technological developments

Question 3

In assessing a company's future potential, a balance sheet may not be sufficient because:

it does not show how the gross profit was calculated
fixed assets cannot be valued with absolute accuracy
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 stamped by the tax authorities
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

Question 5

Which of the following features is not essential on a well-drawn-up balance sheet?

separate totals for current and fixed assets and current and fixed liabilities
the date of the balance sheet
the age of the accountant drawing up the balance sheet
the name of the company to which the balance sheet refers

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?

the value of the current assets
trade accounts payable
long-term loans outstanding
future profits

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