These are the resources owned by the company that can provide future economic benefits.
Statement of Financial Position

Quiz
•
Mathematics, Business
•
12th Grade
•
Medium
ANDREA DEINLA
Used 375+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets
Liabilities
Owner's Equity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These are the cost of goods and services that are used or consumed in the operation of the business.
Expenses
Income
Liabilities
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It informs the users of the financial condition of the business at a given date.
Statement of Financial Position
Financial Statement
Statement of Income
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Another name for the statement of Financial Position.
Balance Sheet
Income Statement
Pofit and Loss Statement
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A debt or obligation owed to others.
Liabilities
Assets
Owner's Equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase in economic benefits during the period of time in the form of inflows.
Liabilities
income
expenses
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cash in Bank is classified as
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
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