Statement of Financial Position

It pertains to resources which are controlled and owned by the business.

• Assets

• Liabilities

• Equity

• Resources

It is derived from deducting the total liabilities to the total assets of a company.

• Assets

• Liabilities

• Equity

• Resources

Which of the following pertains to the obligations that the business owed to other entities arising from past events which are to be settled in the future?

• Assets

• Liabilities

• Equity

• Resources

Which of the following is the correct Accounting Equation?

• Assets + Liabilities = Equity

• Assets = Liabilities - Equity

• Assets = Liabilities + Equity

• Assets + Equity = Liabilities

Which of the following is classified as Current Asset?

• Prepaid Expenses

• Land

• Delivery Vehicle

• Copyright

Which of the following financial statements presents the financial position of an entity at a given or specific date?

• Income Statement

• Statement of Financial Position

• Statement of Changes in Equity

• Statement of Cash Flows

All of the following are classified as Assets, EXCEPT:

• Accounts Receivable

• Building

• Inventory

• Accounts Payable

Which of the following is classified as a non-current liability?

• Accounts Payable

• Mortgage Payable

• Utilities Payable

• Unearned Revenue

Which of the following is classified as a current asset?

• Prepaid Rent

• Unearned Rent

• Investments

• Drawings

In which part of Statement of Financial Position does the Salaries Payable be listed?

• Assets

• Liabilities

• Owner's Equity

• Expenses