Statement of Financial Position - Classifications
Authored by Lucy Fuller
Business
10th Grade
Used 90+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following account:
Bank
Current asset
Investment asset
Equity
Current liability
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following account:
Mortgage
Intangible asset
Non-current liability
Equity
Current asset
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following account:
Computer
Current asset
Current liability
Property, plant and equipment
Investment asset
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following account:
Accounts Receivable
Current asset
Investment asset
Intangible asset
Current liability
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following account:
Vehicles
Property, plant and equipment
Non-current liability
Equity
Current asset
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following account:
Profit for the year
Current asset
Intangible asset
Equity
Non-current liability
Answer explanation
Profit for the year is in the 'Equity' section of the Statement of Financial Position
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Classify the following account:
Inventory
Current liability
Non-current liability
Current asset
Investment asset
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