25. SOFP (GCSE)

Define 'statement of financial position'. [2K]

Define 'assets'. [2K]

Define 'liabilities'. [2K]

What is the equation for 'shareholder's equity'.

• Total Assets - Total Liabilities

• Revenue - Cost

• Revenue - Cost of Sales

• Net Profit - Gross Profit

Which of these is NOT a 'current liability'?

• Overdraft

• Trade Payables

• Trade Receivables

• Dividend Payments

Which of these is NOT a 'non-current liability'?

• Mortgage

• Long-term loan

• Debenture

• Overdraft

Which of these is NOT a 'non-current asset'?

• Machinery

• Premises

• Vehicles

• Inventories

TH school's 'fixed assets' in 2022 equated to $5m, but in 2023 equated to $4.5m. TH school has not purchased or sold any fixed assets in the past year. Give one reason why TH school's fixed assets have fallen by $500,000. [1K, 1AP]