Worksheetsintroduction to financial reporting
Total questions: 10
Worksheet time: 8mins
______ is concerned with the production of financial statements for external users.
Management reporting
Environmental reporting
Financial accounting
Companies have --------?
Unlimited liability
Limited liability
A present obligation of an entity to transfer an economic resource as a result of past events is ______
Asset
Liability
Income
Equity
Pick the Non-current asset.
Cash
Inventory
Receivable
Building
Equity = ?
Asset - Liability
Liability - Asset
Income - Expense
Expense + Income
which statement contains both income and expenses?
statement of financial position
statement of profit or loss
statement of cash flow
statement of changes in equity
A present economic resource controlled by the entity as a result of past events is _______
Asset
Liability
Equity
Expense
Which one is not a current liability?
Trade payables
Overdraft
Long term loan
Short term loan
Which statement contains all of the following - asset, liability, and equity?
statement of financial position
statement of profit or loss
statement of cash flow
statement of changes in equity
How to record credit purchase?
Dr Purchase
Cr Cash
Dr Cash
Cr purchase
Dr Purchase
Cr payables
Dr Payables
Cr purchase
