Question: Accounting questions?

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Answer #1:

Which of the following accounts would be included in the asset section of the balance sheet?

furniture

Which of the following accounts would be included in the liability section of the balance sheet?

bank loan


Assume Mr. Jones owned a tire store. He was offered a job working for his competitor making $2,400 a month. Which financial statement would he look at to determine if his average profit was more or less than $2,400 per month?

income statement


Assume Ms. Anderson owned a corner convenience store. She had not been very successful at this business. She had taken out numerous loans and owed many creditors. What statement would she look at to determine the total amount of liabilities she owed?

balance sheet





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