Practice Quiz

CPA Accountant Review Questions

Category - Accounting

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Which of the following choices would appear first under the assets category in a balance sheet?
  1. Cash
  2. Accounts receivable
  3. Vehicles
  4. Land
  5. It depends. Accounts are usually listed alphabetically.
Explanation
Answer - A - Cash would appear first under the assets in a balance sheet.

Key Takeaway: When preparing a balance sheet, assets are normally listed in order of their liquidity, meaning how easily the asset is converted to cash. Obviously, cash is the most liquid of any of the assets.
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