Elements of the SFP

It is the end product of the Accounting process in which, by analyzing this, businesses are able to move in a direction to improve their finances and secure the future of a business.

• Journal Entry

• Trial Balance

• T- account

• Financial Statement

Other term used for Statement of Financial Position.

• Balance Sheet

• Income Statement

• Cash Flow Statement

• Statement of Changes in Owner's Equity

Which of the following does not belong to the group?

• Supplies

• Cash

• Accounts Receivable

• Building

These are present debts and obligations of the business to the other company/ies arising from past transactions or events.

• Assets

• Contra Assets

• Liabilities

• Owner's Equity

The elements of SFP should be arranged and classified according to its major account, such as ASSSETS, LIABILITIES and OWNER’S EQUITY.

• True

• False