Statement of financial position

Non-Current Assets are Long-term investments or assets the business will use for more than a year

• True

• False

What are examples of non-current assets?

Current Assets are Short-term assets that are expected to be converted to cash or used within one year

• True

• False

Which notes to the financial statements are reflected under the Current Assets section of the statement of financial position?

The owner's claim on the business after all liabilities are deducted from assets. It includes capital invested and profits retained in the business.

• Revenue

• Operating profit

• Owner's equity

Liabilities are everything the business owes to outside parties. They are divided into two sections which are