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WorksheetsStatement of Financial Position
Total questions: 100
Worksheet time: 50mins
Also called as Balance Sheet.
Statement of Financial Position
Financial Statements
Statement of Balance
Statement of Income
This is what the business owns.
Assets
Liablities
Loans
Owner's Capital
This is what the business owes.
Assets
Liabilities
Loans
Owner's Capital
What is NOT part of FS headings.
Name of the business
Title of Report
Total Assets
Date of the report
It is intended for sale or consumption within the entity’s normal operating cycle.
Non-current liabilities
Current liabilities
Non-current Assets
Current Assets
Also known as the "Long-term Assets"
Non-current Assets
Current Assets
Non-current liabilities
Current Liabilities
A liability expected to be settled in the entity’s normal operating cycle.
Non-current Assets
Current Assets
Non-current Liabilities
Current Liabilities
Refers to the financial obligations of a company that are not expected to be settled within one year.
Non-current Assets
Current Assets
Non-Current Liabilities
Current Liabilities
Following are accounts under _________________.
•Cash and cash equivalents
•Trade and other receivables
•Inventories
•Investments
•Financial assets
•Investment property
•Property, plant, and equipment
Assets
Liabilities
Owner's Capital
Following are accounts under________.
•Trade and other payable
•Provision
•Financial liabilities
•Liabilities for taxes
Assets
Liabilities
Owner's Capital
Retained Earnings can be found under _____________.
Assets
Liabilities
Capital employed
These are the resources owned by the company that can provide future economic benefits.
Assets
Liabilities
Owner's Capital
These are the cost of goods and services that are used or consumed in the operation of the business.
Expenses
Income
Liabilities
It informs the users of the financial condition of the business at a given date.
Statement of Financial Position
Financial Statement
Statement of Income
Another name for the statement of Financial Position.
Balance Sheet
Income Statement
Pofit and Loss Statement
A debt or obligation owed to others.
Liabilities
Assets
Owner's Capital/Equity
An increase in economic benefits during the period of time in the form of inflows.
Liabilities
income
expenses
Cash in Bank is classified as
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Account Receivable is classified as
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Furniture and Fixtures is classified as
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Cash on hand is an example of a
Monetary asset
Tangible asset
Investment asset
Money owed to others is an example of
Monetary asset
Tangible asset
Liability
Cash in Bank
Current Assets
Non-Current Assets
Merchandise Inventory
Current Assets
Non-Current Assets
Land
Current Assets
Non-Current Assets
Prepaid Rent
Current Assets
Non-Current Assets
Supplies
Current Assets
Non-Current Assets
Building
Current Assets
Non-Current Assets
Accounts Receivable
Current Assets
Non-Current Assets
Equipment
Current Assets
Non-Current Assets
Petty Cash
Current Assets
Non-Current Assets
Land
Cash and Cash Equivalents
Trade and Other Receivables
Prepaid Expenses
Property, Plant, and Equipment
Patent
Cash and Cash Equivalents
Trade and Other Receivables
Prepaid Expenses
Intangible Assets
Accrued Income
Current Assets
Non-Current Assets
What is a statement of financial position?
Tells you how much money a business has.
It is a financial snapshot of the assets and liabilities of an enterprise on a particular day.
It is a financial snapshot of the assets and liabilities of an enterprise.
Select three examples of an asset?
Current liabilities are short-term debts. The money owed must be paid back within one year.
True
False
Long-term liabilities are debts paid back over a long period of time.
True
False
Current assets can be turned into cash within ...
two years
three years
a year
To calculate the Net current assets you need which information?
Current assets
Total liabilities
Current liabilities
Fixed assets
The financial statement that reports the assets, liabilities, and shareholders' equity or owner's capital at a specific date is the:
Statement of Financial Position
Statement of Consolidated Income
Trial Balance
General Ledger
Something the business owns is:
accounts
assets
drawings
expense
An overdraft is a:
Current Asset
Current Liability
Non-current Asset
Non-current Liability
A business' inventory is a:
Current Assets
Current Liabilities
Non-current Assets
Non-current Liabilities
Which of these might appear on a Statement Of Financial Position?
Cost of sales
Interest income
Salaries and wages
Creditors
Accounts Payable is a current liability.
True
False
Non-current assets can be converted to cash really quickly.
True
False
A statement of financial position shows:
how much gross profit it has
how much net profit it has
how much a business owns and owes
Which of the following statements is correct?
Profit for the year equals the Net Assets
The profit from the Statement of Consolidated Income is transferred to the Capital Employed section of the Statement of Financial Position
Assets plus liabilities equals Net Assets, which is also equal to closing capital
Closing capital = opening bank balance + profit - drawings/
A business has:
Total Non current Assets = £20,000
Total Current Assets = £5,000
Total Current Liabilities = £3,000
Q) What is the amount of Net current assets?
£2,000
£17,000
£3,000
(£2,000)
£15,000
Calculate the cash figure (1 mark)
(a)
Calculate the Trade Payables figure (1 mark)
(a)
Calculate the Net Current Assets figure (1 mark)
(a)
Calculate the Long Term Loans figure (1 mark)
(a)
Calculate the Net Assets figure (1 mark)
(a)
What is the Net Current Asset figure? (1 mark)
(a)
What is the Net Assets Figure? (1 mark)
(a)
What is the Working Capital figure?(1 mark)
(a)
What is the Capital Employed figure? (1 mark)
(a)
What is the debtors figure? (1 mark)
(a)
What is the Capital Employed figure? (1 mark)
(a)
What is the total assets figure? (1 mark)
(a)
What is the net assets figure? (1 mark)
(a)
Share Capital £35 000
Retained Profit £15 200
Drawings ?
Capital Employed £42 200
What is the drawings figure? (1 mark)
(a)
How does a net loss affect capital employed?
increases
decreases
no change
indirectly
What is capital employed?
The value of the business after liabilities are subtracted from assets; the value of the owner's investment in the business plus any retained profit.
What a company owes.
Documents that are used to record and analyse the financial performance of a business.
All income a company receives overtime.
Which of these might appear on a statement of financial position (aka balance sheet)?
Cost of sales
Cash flow forecast
Staff salaries
Payables
Which of these is a liability?
Cash in bank
Money owed to other businesses (payables)
inventory
Machinery
Bank
Assets
Expenses
Capital/ equity
Liabilities
What is the Net Current Asset figure?
£42 879
£83 973
£90 845
£74 094
What is the Net Assets Figure?
£83 973
£42 879
£47 972
£74 094
What is the Working Capital figure?
£83 973
£42 879
£47 972
£74 094
What is the Capital Employed figure?
£83 973
£42 879
£47 972
£74 094
What is the Capital Employed figure?
£765
£11 235
(£8315)
(£2315)
What is the working Capital figure for 2016?
£1.5
£1.5m
£0.4m
£1.2m
What is the Capital Employed figure for 2016?
£1.5
£1.5m
£0.4m
£1.2m
All Assets – All Liabilities is one formula for..........
Net Assets
Net Current Assets
Working Capital
Current Liabilities £12 000
Current Assets £4 000
Non Current liabilities £5 000
Non Current Assets £35 000
What is the working capital figure?
£8 000
(£8 000)
£30 000
£1 000
Current Liabilities £12 000
Current Assets £4 000
Non Current liabilities £5 000
Non Current Assets £35 000
What is the Net Assets figure?
(£22 000)
£22 000
£8 000
(£8 000)
£30 000
What is the total assets figure?
£18 500
£3 500
£15 000
£1 850
What is the net assets figure?
£18 500
£15 000
£1 500
£13 000
Current Liabilities £14 000
Current Assets £5 000
Non Current liabilities £15 000
Non Current Assets £35 000
What is the working capital figure?
(£9000)
£9000
£20 000
£10 000
Current Liabilities £14 000
Current Assets £5 000
Non Current liabilities £15 000
Non Current Assets £35 000
What is the net assets figure?
£11 000
(£11 000)
£30 000
£10 000
Van £28 000 at cost
Depreciation of 20% using reducing balance method at end of year 1 is £5600.
What is NBV of van at end of year 2.
£22,400
£38,080
£16,800
£17920
Opening capital £10 000
Profit for the year £12 720
Drawings £6 000
Capital Employed =…………….
What is the Capital Employed figure?
£16 720
£22 720
£6 720
None of these
Which is the odd one out?
VAT
Trade payables
Overdraft
Mortgage
Which is the odd one out?
Other receivables
Payables
Current assets
Trade Receivables
Cash
How often is depreciation recorded?
Weekly
Monthly
Yearly
Daily
How is depreciation classified?
As an asset
As an expense
As capital
none of the above
Find the amount of depreciation chargeable under the straight line method for the second year if amount for first year is ₹4,000
₹4000
4400
8000
7600
Residual value of the asset means:
The price paid on the purchase of asset
The amount realised on the sale of asset
The net amount expected to realise on final disposal of assets
Reduced value of the asset every year
What will be the amount of depreciation of plant & machinery for fifth year using straight line method when original cost of plant £100,000; Resale/residual value £40,000, Expected useful life 10 years?
£60,000
£90,000
£70,000
£30,000
A machinery costing £50,000 (zero residual value) is depreciated @ 20% p.a. using straight line method. At the end of three years, the book value of the machinery will be :
£ 35,000
£25,000
£20,000
£30,000
Only ___________ assets are depreciated.
Non current (aka fixed)
Current
Short-term
Intangible
