Anna is creating a personal balance sheet. She plans to list these items. Bank Account Jewelry Health Insurance Rent Which statements about the balance sheet are correct? Select three choices.
Answers
Given : Anna is creating a personal balance sheet. She plans to list these items.
Bank Account
Jewelry
Health Insurance
Rent
To Find : Which statements about the balance sheet are correct?
Health insurance, and rent are listed in the liabilities column of the balance sheet.
Anna will find the total value of her jewelry and bank account.
She will use the value of all of the items for the period of one year.
She will subtract the value of the assets and the value of the liabilities.
The items in the table should be listed in four columns.
Solution :
Below statements are correct :
Health insurance, and rent are listed in the liabilities column of the balance sheet.
Correct as these both are liabilities / expenditures.
Anna will find the total value of her jewelry and bank account.
Balance sheet should have values in Currency.
The items in the table should be listed in four columns.
( asset name , asset Value , Liabilities name , Liabilities Value)
She will subtract the value of the assets and the value of the liabilities. is WRONG
as value of the assets is added and Value of the liabilities are subtracted
Net worth is computed by subtracting total liabilities from total assets.
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