What is another name for Statement of Financial Position?

• Income Statement

• Trading and Profit and Loss Account

• Balance Sheet

• None of the Above

Which accounts are needed to prepare the Statement of Financial Position?

• Income Statement

• Trial Balance

• Balance Sheet

• Both A and B

What is the name given for all the resources owned by the business?

• Assets

• Liabilities

• Capital

• All of the Above

The Statement of Financial Position shows what a business owns and owes at a specific date.

• True

• False

The Statement of Financial Position consist of three main accounts which are :

• Assets

• Libilities

• Capital

• All of the Above

Assets are expected to last and to be used by the business for a long time are called_____________________.

• Assets

• Current Assets

• Non-current Assets

• Capital

Which of the following is not an example of Non-current Asset.

• Building

• Motor Vehicle

• Office Equipment

• Inventory

Assets that likely to change to change into cash in the near future are called____________________.

• Assets

• Current Assets

• Non-current Assets

• Capital

Which of the following is not an example of a current asset?

• Inventory

• Accounts Receivable

• Fixture and Fittings

• Cash in Bank

_________________ are monies owed and are due for repayment in the short term

• current liability

• non-current liability

• current asset

• capital