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WorksheetsStatement of Financial Position - LO1
Total questions: 6
Worksheet time: 3mins
How many financial statements are they?
2
3
4
5
What are the basic elements of the statement of financial position?
Income, revenue, assets and owners' equity
Owner's equity, assets and expenses
Liabilities, assets and owners' equity
Income, retained earnings, and assets
If the assets are financed by 70% of equity, how much assets that have been financed using liabilities?
30%
20%
10%
50%
Who are the primary users of financial statements according to the accounting standards?
Existing and potential investors
Existing and potential creditors
Employees, government and non-government agencies
Investors, creditors and parties that act for the interest of primary users.
What is the main concern of investors in respect of the company's performance?
Assets
Future dividends
Liabilities
Expenses
What are the limitation of historical cost principle in the statement of financial position?
Difficult to understand
Lacked of predictive quality
Lacked of current value relevance
Unstandardised methods
