The Balance Sheet: Purpose, Components & Format


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question 1 of 3

The balance sheet is a part of which of the following?

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1. Assets, liabilities and owner's equity are reported on which financial statement report?

2. What is the balance sheet equation?

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About This Quiz & Worksheet

Use this quiz/worksheet combo to test your understanding of balance sheets in accounting practices. Some vocabulary terms you'll be assessed on include the balance sheet equation, assets and liabilities.

Quiz & Worksheet Goals

You'll be assessed on the following:

  • The location of the balance sheet
  • The balance sheet equation
  • Where assets, liabilities and owner's equity are reported
  • The term referring to things that you own

Skills Practiced

This quiz and worksheet employ the following skills:

  • Information recall - use your knowledge to recall the standards used when creating financial reports
  • Critical thinking - apply relevant concepts to examine information about assets, liabilities and equity in a different light
  • Knowledge application - use your knowledge to answer questions about balance sheets and the balance sheet equation

Additional Learning

For further study on balance sheets, review the accompanying lesson called The Balance Sheet: Purpose, Components & Format. This lesson covers the following objectives:

  • Identify some examples of liabilities and assets
  • Explain what owner's equity is
  • Understand how to use the balance sheet equation