What belongs Where?

What belongs in the Statement of Financial Position?

• Gross Profit

• Non Current Assets

• Expenses

• Purchases

Assets are something that the business ___________.

Which financial Statment will Closing Stock appear in?

• Statement of P&L

• Statement of Financial Position

• Both

What appears under non current assets?

• Office Equipment

• Loan

• Rent

• Drawings

Out of the following which is the least liquid current asset

• Cash

• trade recievables

• Bank

• Inventory/Stock

A liability is something that the business ____________.

What would you see under the Current Liabilities Section in the SOFP

• Trade Payables

• Trade Recievables

• Loan

• Machinery

What does Capital mean?

• Something that the business owes

• Something that the business uses for less than 12 months

• When the owner himself puts money into the business

• When the owner himself takes money out of the business

The formula to calculate Net Assets = Total Assets - Total Liabilities

• True

• False

Which is the correct formula to work out Working Capital

•  $\frac{Fixed\ Cost}{Selling\ \Pr ice\ -\ Variable\ Cost}$  
  

• Total Assets - Total Liabilties

• Current Assets - Current Liabilties

• Total inflows - Total outflows