Balance Sheets – Finance Vocabulary

Self-efficency seminar

Whether you are working in accounting or not, it pays to know your way around a balance sheet, a statement of the financial position of a business that lists the assets, liabilities and owner’s equity at a particular point in time. In other words, the balance sheet illustrates a business’s net worth. Our tip takes a look at a simplified version of a balance sheet and a quiz to test your knowledge on the vocabulary.

 

Can you match the vocabulary on the simplified balance sheet above in the quiz? Test yourself!

1. Borrowed money which the company must pay back within a year.

 
 
 
 
 
 
 
 

2. Expenses that have built up during the year but will be paid in the next year.

 
 
 
 
 
 
 
 

3. Intangible assets like a company’s brand name and established relationships with its suppliers.

 
 
 
 
 
 
 
 

4. The goods and materials that a business has in its warehouses for sale or production.

 
 
 
 
 
 
 
 

5. The money belonging to outside investors for their shares in the company.

 
 
 
 
 
 
 
 

6. The money owed by a business to its suppliers.

 
 
 
 
 
 
 
 

7. The money owed to a business by customers.

 
 
 
 
 
 
 
 

8. The buildings and other items that a company owns, such as a factory, offices and machinery.

 
 
 
 
 
 
 
 

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