IGCSE Business Studies - 5.4 SOFP Quiz

What is a Statement of Financial Position also known as?

• Income Statement

• Balance Sheet

• Cash Flow Statement

• Profit and Loss Account

Which of the following is not included in a Statement of Financial Position?

• Assets

• Liabilities

• Revenues

• Owners/Shareholders Equity

Current Assets refer to:

• Assets that can be converted into cash within one year

• Long-term investments

• Land and buildings

• Machinery and equipment

Which of the following is a non-current asset?

• Inventory

• Cash

• Equipment

• Trade Receivables

Liabilities are:

• Money owed by the business to others

• Money owed to the business by customers

• The owner’s investment in the business

• Money in the company’s bank account

Current liabilities are:

• Debts that must be paid within a year

• Long-term debts

• Owners/Shareholders equity

• Cash and cash equivalents

Which of the following is an example of a current liability?

• Mortgage

• Bank Overdraft

• Bank Loan repayable in 5 years

• Machinery

Non-current liabilities include:

• Overdrafts

• Trade payables

• Long-term loans

• Inventory

Owners/Shareholders equity is:

• The total value of share/owners capital plus reserves

• Money owed by the business

• Cash in the bank

• Inventory held by the business

Which of the following is a current asset?

• Equipment

• Inventory

• Buildings

• Mortgage