Statement of financial position

Question 1

Asset = ______ _ __________

Answer 1

capital + liability

Question 2

what is a non current asset?

Answer 2

not bought to be sold.
to be used within business for a long period of time

Question 3

_______ are three examples of non current assets

Answer 3

Building
fixtures
machinery
vehicles

Question 4

define a current asset

Answer 4

Assets that change over a short period of time and are usually intended to be changed for cash

Question 5

name three examples of current invent

Answer 5

cash at hand or bank
inventory
accounts receivable

Question 6

how does a current liability differ from a non current liability

Answer 6

Current liability. - to be paid within one year of sfp date
non current liability - to be paid after oe year of sfp date

Question 7

give an example of a current liability

Answer 7

bank overdraft and accounts payable

Question 8

give an example of a non current liability

Answer 8

bank loans
long term loans from other businesses

Question 9

what two items have an effect on the increase or decrease of capital

Answer 9

drawings
profit or loss incurred during trading

Question 10

equity = ?

Answer 10

capital

Question 11

List the outline the titles included in the statement of financial position

Answer 11

Non current assets
Current assets
Total assets
Equity and liability
Equity
Net profiles
drawings
Current Liability
Total liability and equity

Question 12

List the outline the titles included in the statement of financial position

Answer 12

Non current assets
Current assets
Total assets
Equity and liability
Equity
Net profiles
drawings
Current Liability
Total liability and equity