FABM2 - Statement of Financial Position

The financial statement is also called as the "Balance Sheet"or the

• Statement of Financial Position

• Statement of Financial Performance

• Statement of Financial Income

• Statement of Financial Revenue

Which of the following is not shown in the statement of financial position?

• Assets

• Liibilities

• Income

• Equity

A complete set of financial statements does not include

• Statement of Comprehensive Income

• Statement of Cash flows

• Statement of retained earnings

• Statement of financial position

These refers to the resources controlled by a business that have resulted from past events and are expected to provide the business inflows of future economic benefits

• Assets

• Liabilities

• Income

• Equity

Assets less liabilities is

• Income

• Profit

• Loss

• Equity

A statement of financial positions that shows distinctions between current and noncurrent assets and liabilities is called

• Classified Statement of Financial Position

• Unclassified Statement of Financial Position

• Current Statement of Financial Position

• Non current Statement of Financial Position

If total assets are P100, 000, while total equity is P40, 000, the total liabilities in the SFP must be

• P140, 000

• P60, 000

• P40, 000

• P0

Which of the following is a non current asset?

• Cash

• Accounts Receivable

• Building

• Inventory

Which of the following is a current asset?

• Land

• Prepaid Asset

• Equipment

• Accumulated Depreciation

Which of the following is a non current liability?

• Accounts Payable

• Notes Payable in 7 months

• Notes Payable in 16 months

• Salaries Payable