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?
Current Assets
Non-Current Assets
Both
Which of the following is a Current Asset?
Office Building
Inventory
Vehicle
Office Machinery
Which of the following is a Non-Current Liability?
Tax
Bank Overdraft
Bank Loan
Trade Payables
If my Non-Current Assets total £450,000 and my Current Assets total £125,000, what is my Total Assets?
£125,000
£325,000
£450,000
£575,000
If Equity totals £300,000 & Assets total £566,000, what is my total Liabilities?
£266,000
£300,000
£566,000
£866,000
