Non-Current Assets Quiz

Front

Which of the following is classified as a non-current asset? A) Cash B) Inventory C) Accounts Receivable D) Property, Plant, and Equipment.

Back

D) Property, Plant, and Equipment.

Front

Which of the following categorized as Current assets?

• A) Furniture

• B) Inventory

• C) Land and Buildings

• D) Accounts Payable

Back

• B)Inventory

Front

3)Which item is NOT included in the Statement of Financial Position?

• A) Revenue

• B) Equity

• C) Liabilities

• D) Assets

Back

• A) Revenue

Front

4) Current liabilities are typically expected to be settled within:

• A) 6 months

• B) 1 year

• C) 5 years

• D) 10 years

Back

• B) 1 year

Front

5)Equity in the Statement of Financial Position represents:

• A) Total Assets minus Total Liabilities

• B) Total Revenue minus Total Expenses

• C) Total Liabilities minus Total Assets

• D) Total Assets plus Total Liabilities

Back

• A) Total Assets minus Total Liabilities

Front

6. 6.Calculate the amount of Current Assets from the following information as of December 31, 2023:

• Cash: $10,000

• Accounts Receivable: $15,000

• Inventory: $20,000

• Premises : $5,000

• Accounts Payable: $8,000

• Short-term Loans: $7,000

Back

$ 50 000

Front

7. Calculate the amount of Capital from the following information as of December 31, 2023:

• Cash: $10,000

• Accounts Receivable: $15,000

• Inventory: $20,000

• Premises : $5,000

• Accounts Payable: $8,000

• Short-term Loans: $7,000

Back

$35 000

Front

6. Calculate the amount of total liabilities from the following information as of December 31, 2023:

• Cash: $10,000

• Accounts Receivable: $15,000

• Inventory: $20,000

• Premises : $5,000

• Accounts Payable: $8,000

• Short-term Loans: $7,000

Back

$ 15000

Front

What is the primary purpose of the Statement of Financial Position?

• A) To show the company's cash flow

• B) To provide a snapshot of the company's financial position at a specific point in time

• C) To summarize the company's revenues and expenses

• D) To detail the company's operational performance

Back

• B) To provide a snapshot of the company's financial position at a specific point in time

Front

Which of the following is NOT a component of Current Liabilities?

• A) Accounts Payable

• B) Short-term Loans

• C) Long-term Debt

• D) Accrued Expenses

Back

• C) Long-term Debt