FABM2 TUTORIAL IQ2

It shows the changes in the capital or owner's equity as a result of additional investment or withdrawals by the owner, plus or minus the net income or net loss for the year.

• Capital

• Drawing

• Statement of Changes in Owner's Equity

• Income Summary

Statement of Financial Position is another name of Income Statement

• True

• False

There are 3 forms of statement of financial position.

• True

• False

it summarizes the cash receipts and cash disbursements for the accounting period.

• Statement of Cash Flows

• Cash Journal

• Income Statement

• Balance Sheet

The cash inflows and the cash outflows arising from the normal operations of the business.

• Investing Activities

• Operating Activities

• Financing Activities

The cash inflows and the cash outflows from the purchase and sale of property and equipment, investment in debt or trading securities, lending money and collection of the principal amount of the money loaned.

• Operating Activities

• Investing Activities

• Financing Activities

The cash inflows and the cash outflows from the owners and creditors of the business.

• Operating activities

• Investing activities

• Financing activities

Cash is included in ________________

• Current Asset

• Current Liability

• Owner's Equity

Tax payable is included in _____________

• Current Liability

• Current Asset

Building, equipment and machineries are all included in what type of asset?

• Current Asset

• Non-current Asset

• Intangible Asset