3488999
Pregunta 1
Pregunta
What are the main elements of a Statement of Financial Position?
Respuesta
-
Income, Expenses, Profits or Losses
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Assets, Liabilities, Capital
Pregunta 2
Pregunta
What is the purpose of using Statements of Financial Position?
Respuesta
-
To list the assets, liabilities and equity at the end of the accounting period
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To measure the financial performance of the company for a particular time period
Pregunta 3
Pregunta
What is the Accounting Equation?
Respuesta
-
Assets + Liabilities = Equity
-
Equity - Liabilities = Assets
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Liabilities - Assets = Equity
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Liabilities + Equity = Assets
Pregunta 4
Pregunta
What contributes towards the 'total assets' of a Statement of Financial Position?
Respuesta
-
Current Assets
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Non-Current Assets
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Both
Pregunta 5
Pregunta
Which of the following is a Current Asset?
Respuesta
-
Office Building
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Inventory
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Vehicle
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Office Machinery
Pregunta 6
Pregunta
Which of the following is a Non-Current Liability?
Respuesta
-
Tax
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Bank Overdraft
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Bank Loan
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Trade Payables
Pregunta 7
Pregunta
If my Non-Current Assets total £450,000 and my Current Assets total £125,000, what is my Total Assets?
Respuesta
-
£125,000
-
£325,000
-
£450,000
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£575,000
Pregunta 8
Pregunta
If Equity totals £300,000 & Assets total £566,000, what is my total Liabilities?
Respuesta
-
£266,000
-
£300,000
-
£566,000
-
£866,000
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