WorksheetsElements of the Statement of Financial Position
Total questions: 10
Worksheet time: 10mins
What are the elements of the Statement of Financial Position?
Assets, liabilities and equity
Revenue and expenses
Assets, Liabilities, Equity, Revenue and Expenses
None of these choices
These are resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.
Expenses
Liabilities
Assets
Equity
Which of the following is the fundamental accounting equation?
Equity = Assets - Liabilities
Assets = Liabilities + Equity
All of the choices
Value Received = Value Parted With
Which of the following is/are asset account/s?
Cash
Accounts Payable
Accounts Receivable
Rental Income
Prepaid Insurance
Which of the following characteristics describe a liability?
Present obligation
Result of a past transaction
Probable
Must be legally enforceable
Which of the following is a liability account?
Cash Equivalents
Salaries Expense
Unearned Revenue
Service Income
What is Equity?
Cash from the business
Owner's claim on total assets
Liability of a business
Owner's claim on total liabilities
Which of the following is a contra-equity account?
Owner's Drawing
Discount on Notes Payable
Owner's Capital
Allowance for Doubtful Accounts
Which of the following are liability accounts?
Inventories
Accrued Expenses
Notes Payable
Interest Expense
Unearned Income
Asset = (a) + Owner's Equity
