Quiz
Statements of Financial Position Qiuz
Questions in this quiz (8)
1What are the main elements of a Statement of Financial Position?
- AIncome, Expenses, Profits or Losses
- BAssets, Liabilities, Capital
2What is the purpose of using Statements of Financial Position?
- ATo list the assets, liabilities and equity at the end of the accounting period
- BTo measure the financial performance of the company for a particular time period
3What is the Accounting Equation?
- AAssets + Liabilities = Equity
- BEquity - Liabilities = Assets
- CLiabilities - Assets = Equity
- DLiabilities + Equity = Assets
4What contributes towards the 'total assets' of a Statement of Financial Position?
- ACurrent Assets
- BNon-Current Assets
- CBoth
5Which of the following is a Current Asset?
- AOffice Building
- BInventory
- CVehicle
- DOffice Machinery
6Which of the following is a Non-Current Liability?
- ATax
- BBank Overdraft
- CBank Loan
- DTrade Payables
7If my Non-Current Assets total £450,000 and my Current Assets total £125,000, what is my Total Assets?
- A£125,000
- B£325,000
- C£450,000
- D£575,000
8If Equity totals £300,000 & Assets total £566,000, what is my total Liabilities?
- A£266,000
- B£300,000
- C£566,000
- D£866,000
Information
- Description
- A Quiz on the Statement of Financial Position
- Author
- tomaswood
- Language
- English
- Views
- 516
- History
- Created on 17 Sep 2015 · updated on 15 Jan 2017
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