Balance Sheet Practice Exam

About Balance Sheet
A balance sheet is the most sought after report of an organization. A balance sheet is a statement of financial prudence of an organization showing summary of assets, liabilities and shareholder’s equity.

Business irrespective of their type i.e. sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity, enlists their financial status by a balance sheet.

A balance sheet gives a brief snapshot of outstanding to and from the business. It is also used to indicate a business’s worth at any given time.

The total value of assets in the balance sheet should match with the total of liabilities and equity hence, it is called balanced.

A balance sheet lists:
•    Current assets
•    Investments
•    Property, plant and equipment
•    Intangible assets
•    Other assets
•    Current liabilities
•    Noncurrent liabilities
•    Stockholders' equity

Why is Balance Sheet important?
A balance sheet is a crucial financial statement which lists the financial health of the company.

A balance sheet provides the following vital information for a company
•    Liquidity or ready cash available
•    Efficiency of utilizing the assets
•    Leverage or amount of financial risk the company is facing or can take

The above, helps a company to make following financial decisions
•    Working Capital Needed
•    The Value of Business or its Net Worth
•    Future Sustainability of Operation

Who should take the Balance Sheet Exam?
•    Finance and Accounting professionals
•    Business owners
•    Finance and Accounting managers and senior executives
•    Anyone who wants to assess their balance sheet related skills
•    Entrepreneurs

Balance Sheet Exam Objectives
Balance sheet exam tests your skills in preparing, checking and submitting a balance sheet.

Balance Sheet Exam Prerequisite

Balance sheet exam has no prerequisite and candidate with good knowledge of balance sheet can easily clear the Balance sheet exam.

Balance Sheet Certification Course Outline

1. Basic Accounting Principles and Framework
1.1. Learning to Understand Accounting
1.2. Assumptions, Principles, and Conventions of Accounting
1.3. Global Standards for Accounting

2. The Accounting Equation and Financial Statements
2.1. The Accounting Equation
2.2. Double-entry, Debits, and Credits
2.3. Understanding Financial Statements

3. The Accounting Cycle and Accrual Accounting
3.1. The Accounting Cycle
3.2. Chart of Accounts
3.3. Cash and Accrual Accounting

4. Accounting Transactions and Books of Account
4.1. General Journals and Special Journals
4.2. General Ledgers and Subsidiary Ledgers
4.3. Posting Accounting Transactions

5. Trial Balance & Adjusting Entries
5.1. Trial Balances
5.2. Adjusting Entries
5.3. Making Adjusting Entries
5.4. Closing the Accounts

6. The Balance Sheet
6.1. Balance Sheet Components
6.2. Balance Sheet Preparation
6.3. Transactions Affecting the Balance Sheet
6.4. Balance Sheet Connections


Exam Format and Information
Certification name – Certificate in Balance Sheet
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees  - INR 1199