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Understanding the Balance Sheet Quiz

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1. What does the balance sheet summarize?

2. Why is a balance sheet called so?

3. Which of the following is not typically considered a current liability on a balance sheet?

4. On the balance sheet, current assets are typically listed in what order?

5. What does the 'equity' on a balance sheet represent?

6. What distinguishes liabilities from equity on a balance sheet?

7. Which of the following is a noncurrent (long-term) asset?

8. In the context of a balance sheet, what are intangible assets?

9. What does 'goodwill' represent on a balance sheet?

10. Why might a high value of 'inventory' on a balance sheet be a bad sign for a company?