Statement of Financial Position

Statement of Financial Position

12th Grade

10 Qs

quiz-placeholder

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Statement of Financial Position

Statement of Financial Position

Assessment

Quiz

Mathematics, Business

12th Grade

Medium

Created by

ANDREA DEINLA

Used 375+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are the resources owned by the company that can provide future economic benefits.

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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