FABM 2 - Quiz in SFP

Which of the following is another name for the Statement of Financial Position?

• Income Statement

• Balance Sheet

• Cash Flow Statement

• • Statement of Changes in Equity

Which of the following is considered a non-current asset?

• Cash Equivalents

• Accounts Receivable

• Property, Plant, and Equipment

• Inventories

The date of the Statement of Financial Position is always "as at" or "as of" the:

• End of the period

• Beginning of the period

• Middle of the period

• Next fiscal year

What type of business structure uses "Stockholders' Equity" in its Statement of Financial Position?

• Sole Proprietorship

• Partnership

• Corporation

• Non-profit Organization

An example of an Intangible Asset is:

• Land

• Buildings

• • Equipment

• Trademarks

(a)   is what's left for the owners after you pay off all the business's debts.

(a)   are obligations a business owes to someone, the settlement of which involves an outflow of economic benefits.

Differentiate between "Accounts Receivable" and "Notes Receivable" as current assets.

How do Biological Assets differ from other types of assets listed?

The (a)   Equation shows the relationship between Assets, Liabilities, and Equity.