3NA_ Financial Position Quiz

Categorise the following accounts: MORTGAGE LOAN

based on how they will be shown under the statement of financial position.

• Non-current assets

• Current liabilites

• Non-current liabilities

• Current assets

The statement of financial position is a representation of the accounting equation:

Assets = ____________ + Equity

The statement of financial position lists the ___________, liabilities and equity of a business as at a _____________ date.

• assets, random

• assets, given

• assets, correct

• assets, special

Refer to the photo above, catergorise based on how it will be shown under the statement of financial position.

• Current asset

• Non-current asset

• Current liabilities

• Equity

Categorise the following accounts: TRADE RECEIVABLE

based on how they will be shown under the statement of financial position.

• Current asset

• Current liabilities

• Non-current asset

• Non-current liabilities

Calculate the Ending Capital.

Beginning Capital, 1 January 2020: $10 000

Profit for the year: $ 8 000

Drawings: $ 2 000

• $14 000

• $16 000

• $13 000

• $12 000