Balance Sheet and Income Statement

A resource owned and used by the business for more than a year is called a

• Asset

• Non Current Asset

• Current Asset

• Revenue

An example of a Current Asset is

• Car

• Inventory

• Land

• Creditor

An obligation to pay for something in a short term is called

• Current Liability

• Expense

• Asset

• Capital

Assets = $25,000 and Liabilities= $15,000 what is the value of capital?

• 5000

• 10000

• 40000

• 25000

The trading and profit and loss account is also called the

(a)  

The balance sheet is also known as

(a)  

Cash= 1000, Bank = 2000, Accounts payable = 1500 and loans = 1000. What is the value of assets?

• 3000

• 2500

• 1550

• 4500

Which of the following are examples of non-current assets

• cash

• bank

• land

• machinery

Bank =1000, Cash =1000 and Inventory = 2000, accounts payable = 1500 what is the value of working capital?

• 2500

• 4000

• 1500

• 4500

Opening inventory = 2000, purchases = 1000, return outwards = 1000 and closing inventory = 500 what is cost of goods sold?

• 1500

• 2000

• 2500

• 1000