Statements of Financial Position Qiuz

tomaswood
Quiz by tomaswood, updated more than 1 year ago
tomaswood
Created by tomaswood almost 5 years ago
218
0

Description

A Quiz on the Statement of Financial Position

Resource summary

Question 1

Question
What are the main elements of a Statement of Financial Position?
Answer
  • Income, Expenses, Profits or Losses
  • Assets, Liabilities, Capital

Question 2

Question
What is the purpose of using Statements of Financial Position?
Answer
  • 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

Question 3

Question
What is the Accounting Equation?
Answer
  • Assets + Liabilities = Equity
  • Equity - Liabilities = Assets
  • Liabilities - Assets = Equity
  • Liabilities + Equity = Assets

Question 4

Question
What contributes towards the 'total assets' of a Statement of Financial Position?
Answer
  • Current Assets
  • Non-Current Assets
  • Both

Question 5

Question
Which of the following is a Current Asset?
Answer
  • Office Building
  • Inventory
  • Vehicle
  • Office Machinery

Question 6

Question
Which of the following is a Non-Current Liability?
Answer
  • Tax
  • Bank Overdraft
  • Bank Loan
  • Trade Payables

Question 7

Question
If my Non-Current Assets total £450,000 and my Current Assets total £125,000, what is my Total Assets?
Answer
  • £125,000
  • £325,000
  • £450,000
  • £575,000

Question 8

Question
If Equity totals £300,000 & Assets total £566,000, what is my total Liabilities?
Answer
  • £266,000
  • £300,000
  • £566,000
  • £866,000
Show full summary Hide full summary

Similar

Translations and transformations of functions
Christine Laurich
How accounting is recorded?
riona.pike6669
Financial Statements IASB Quiz
rachel_heap_02
fahims quiz
f4h1m
What Is Accounting?
javedmiah09
AQA Biology B2 Questions
Bella Statham
AQA GCSE Product Design Questions
Bella Statham
AQA Biology B1 Questions
Bella Statham
GCSE AQA Biology 1 Quiz
Lilac Potato
AQA Physics P1 Quiz
Bella Statham
Marketing - Business Studies
EMI D