What are the main elements of a Statement of Financial Position?
Income, Expenses, Profits or Losses
Assets, Liabilities, Capital
What is the purpose of using Statements of Financial Position?
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
What is the Accounting Equation?
Assets + Liabilities = Equity
Equity - Liabilities = Assets
Liabilities - Assets = Equity
Liabilities + Equity = Assets
What contributes towards the 'total assets' of a Statement of Financial Position?
Which of the following is a Current Asset?
Which of the following is a Non-Current Liability?
If my Non-Current Assets total £450,000 and my Current Assets total £125,000, what is my Total Assets?
If Equity totals £300,000 & Assets total £566,000, what is my total Liabilities?