3488999
Question 1
Question
What are the main elements of a Statement of Financial Position?
Answer
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Income, Expenses, Profits or Losses
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Assets, Liabilities, Capital
Question 2
Question
What is the purpose of using Statements of Financial Position?
Answer
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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
Question 3
Question
What is the Accounting Equation?
Answer
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Assets + Liabilities = Equity
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Equity - Liabilities = Assets
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Liabilities - Assets = Equity
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Liabilities + Equity = Assets
Question 4
Question
What contributes towards the 'total assets' of a Statement of Financial Position?
Answer
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Current Assets
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Non-Current Assets
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Both
Question 5
Question
Which of the following is a Current Asset?
Answer
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Office Building
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Inventory
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Vehicle
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Office Machinery
Question 6
Question
Which of the following is a Non-Current Liability?
Answer
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Tax
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Bank Overdraft
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Bank Loan
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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
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£125,000
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£325,000
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£450,000
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£575,000
Question 8
Question
If Equity totals £300,000 & Assets total £566,000, what is my total Liabilities?
Answer
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£266,000
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£300,000
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£566,000
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£866,000
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