Fill in the blanks and answer the following questions:
Level One:
(a) The balance sheet table relates to the assets and liabilities of __.
(b) Balance sheet must always .
(c) ____ show the source of money and ____ show how the money is used.
(d) In this balance sheet _____ is missing.
(e) Can the skills of highly trained technicians be expressed in monetary terms and
shown in a Balance Sheet?
(f) What are the supporting documents required to read a Balance Sheet?
Level Two:
(a) Assets can be grouped into __ and __
(b) Current assets can be grouped into and
(c) Give examples for fixed assets
(d) Cash in banks and in hand are called assets
(e) Inventories are quick assets (correct/incorrect)
(f) Assets intended for long term use are _ assets
(g) Fixed assets vary on day-to-day basis (correct/Incorrect)
(h) What is an operating Cycle? The operating cycle will normally be less
than year.
(i) Assets which can be converted into cash within the operating cycle is called as
____ assets.
(j) Finished product stocks are ___ asset.
(k) Raw materials are asset
(l) Work-in-progress are asset
(m) Account receivable are ____ asset
(n) Marketable securities are ___ asset.
Level Three:
(a) Current asset are more liquid than _ assets
(b) Cash is a ___ asset
Level Four:
(a) How do you value inventories?
(b) How do you value the fixed assets like :
(i) Buildings
(ii) Plant and machinery