Statement Of Financial Position

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:

• Statement of Financial Position

• Income Statement

• Trial Balance

• General Ledger

Something the business owns is:

• accounts

• assets

• drawings

• expense

Amount owed by a business:

• liabilities

• assets

• capital

• drawings

A house mortgage balance is an example of

• Non-current asset

• Current asset

• Non-current liabilities

• Current liabilities

Choose examples of current assets

• Debtors

• Cash

• Inventory

• Stock

Cash at bank is an example of a

• Current asset

• Non-current asset

• Owner's Equity

______________ are short-term debts. The money owed must be paid back within one year.

• Current Liabilities

• Non-current Liabilities

An overdraft is a:

• Current Asset

• Current Liability

• Non-current Asset

• Non-current Liability

A business' inventory is a:

• Current Assets

• Current Liabilities

• Non-current Assets

• Non-current Liabilities

Assets – Liabilities =

• Owner's Equity

• Income

• Expenses