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HRCI PHR (PHR ) Practice Tests & Test Prep by Exam Edge


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HRCI Professional in Human Resources Sample Test

1 of 5

The balance sheet is a basic financial statement that shows three things. They are:





Correct Answer:
assets, liabilities, and equity
the balance sheet is a fundamental financial statement used by businesses to provide a snapshot of the company's financial position at a specific point in time. it primarily displays three key components: assets, liabilities, and equity. let's delve deeper into each of these components:

**assets** are resources owned by the business that are expected to bring future economic benefits. these include both current assets, such as cash and accounts receivable, which are expected to be converted into cash within one year, and non-current assets, like property, plant, and equipment, which are used over a longer period. assets are listed on the balance sheet at their current value and are typically organized in order of liquidity.

**liabilities** represent the obligations of the company that arise from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services, or other yielding of economic benefits in the future. liabilities are classified as either current liabilities, which are due within one year, or long-term liabilities, which are due beyond one year. common examples of liabilities include loans, accounts payable, and mortgages.

**equity**, also known as shareholders' equity or owner's equity, represents the owner's claims on the assets of the business after all liabilities have been deducted. essentially, equity is the net amount of funds invested in the business by its owners plus any retained earnings. it serves as an indicator of the financial health of the business. components of equity include common stock, preferred stock, additional paid-in capital, retained earnings, and treasury stock.

the balance sheet is organized such that the total assets always equal the total of liabilities plus equity, which is commonly referred to as the accounting equation: \[ \text{assets} = \text{liabilities} + \text{equity} \] this equation must balance because every financial transaction affects at least two of these accounts in a way that maintains the equation’s balance.

the balance sheet does not show income, expenses, or cash flow directly. these elements are reflected in other financial statements such as the income statement and the cash flow statement. the income statement provides details about the company's revenues and expenses, which lead to the net income or loss over a specific period. the cash flow statement, on the other hand, shows changes in the balances of accounts over time and breaks down the cash inflows and outflows from operating, investing, and financing activities.

in conclusion, understanding the balance sheet is crucial for stakeholders to assess the financial stability and operational capability of a business. it helps in evaluating the level of risk and return and provides a basis for making financial decisions and strategic planning.


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