Recap accounting elements and financial statements

Select assets only.

• Trade receivables

• Trade payables

• Cash at bank

• Inventory

Select liabilities only.

• Office equipment

• Trade payables

• Bank loan

• Bank overdraft

Select income only

• Sales returns

• Sales revenue

• Discount received

• Discount allowed

Select expense only.

• Discount received

• Discount allowed

• Utilities

• Cost of sales

What makes up equity?

• Capital + Profit - Drawings

• Capital - Loss - Drawings

• Capital + Income - Expense - Drawings

• Capital - Drawings

Which of the following pairs consist of assets only?

• Trade receivables, trade payables

• Cash at bank, bank overdraft

• Inventory, premises

• Cash in hand, capital

Which of the following pair consists of liabilities only?

• Office equipment, drawings

• Bank loan, bank overdraft

• Fixtures and fittings, mortgage loan

• Motor vehicles, profit for the year

Which elements are presented in the statement of financial performance?

• assets

• liabilities

• equity

• income

• expense

Which elements are presented in the statement of financial position?

• assets

• liabilities

• equity

• income

• expense

What is the title for statement of financial performance?

Statement of Financial Performance ______ 31 December 2020