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A Quiz on the Statement of Financial Position

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Statements of Financial Position Qiuz

Statements of Financial Position Qiuz

Question 1 of 8

1

What are the main elements of a Statement of Financial Position?

Select one of the following:

  • Income, Expenses, Profits or Losses

  • Assets, Liabilities, Capital

Explanation

Question 2 of 8

1

What is the purpose of using Statements of Financial Position?

Select one of the following:

  • To list the assets, liabilities and equity at the end of the accounting period

  • To measure the financial performance of the company for a particular time period

Explanation

Question 3 of 8

1

What is the Accounting Equation?

Select one of the following:

  • Assets + Liabilities = Equity

  • Equity - Liabilities = Assets

  • Liabilities - Assets = Equity

  • Liabilities + Equity = Assets

Explanation

Question 4 of 8

1

What contributes towards the 'total assets' of a Statement of Financial Position?

Select one of the following:

  • Current Assets

  • Non-Current Assets

  • Both

Explanation

Question 5 of 8

1

Which of the following is a Current Asset?

Select one of the following:

  • Office Building

  • Inventory

  • Vehicle

  • Office Machinery

Explanation

Question 6 of 8

1

Which of the following is a Non-Current Liability?

Select one of the following:

  • Tax

  • Bank Overdraft

  • Bank Loan

  • Trade Payables

Explanation

Question 7 of 8

1

If my Non-Current Assets total £450,000 and my Current Assets total £125,000, what is my Total Assets?

Select one of the following:

  • £125,000

  • £325,000

  • £450,000

  • £575,000

Explanation

Question 8 of 8

1

If Equity totals £300,000 & Assets total £566,000, what is my total Liabilities?

Select one of the following:

  • £266,000

  • £300,000

  • £566,000

  • £866,000

Explanation

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