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

Income, Expenses, Profits or Losses

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

Quiz

tomaswood 8 questions Updated 15 Jan 2017

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1What are the main elements of a Statement of Financial Position?
1. AIncome, Expenses, Profits or Losses
2. BAssets, Liabilities, Capital
2What is the purpose of using Statements of Financial Position?
1. ATo list the assets, liabilities and equity at the end of the accounting period
2. BTo measure the financial performance of the company for a particular time period
3What is the Accounting Equation?
1. AAssets + Liabilities = Equity
2. BEquity - Liabilities = Assets
3. CLiabilities - Assets = Equity
4. DLiabilities + Equity = Assets
4What contributes towards the 'total assets' of a Statement of Financial Position?
1. ACurrent Assets
2. BNon-Current Assets
3. CBoth
5Which of the following is a Current Asset?
1. AOffice Building
2. BInventory
3. CVehicle
4. DOffice Machinery
6Which of the following is a Non-Current Liability?
1. ATax
2. BBank Overdraft
3. CBank Loan
4. DTrade Payables
7If my Non-Current Assets total £450,000 and my Current Assets total £125,000, what is my Total Assets?
1. A£125,000
2. B£325,000
3. C£450,000
4. D£575,000
8If Equity totals £300,000 & Assets total £566,000, what is my total Liabilities?
1. A£266,000
2. B£300,000
3. C£566,000
4. D£866,000