Which of the Following Account Types Are NOT Located on the Worksheet's

question 5

Multiple Choice

Which of the following account types are NOT located on the worksheet's balance sheet?

• A) Assets
• B) Drawing
• C) Purchase Discounts
• D) Liabilities

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Definitions:

Equipment

Tangible property used in operations, such as machinery and computers.

Consolidated Balance Sheet

A financial statement showing the financial position of a parent company and its subsidiaries as if they were a single entity.

Fair Value

The gain expected to be received from an asset disposal or the amount necessary to cover a liability in a mutual transaction among market counterparts at the estimated date.

Equipment

Equipment consists of the tangible operational assets used by a business to conduct its operations and generate income.