Mastering the Statement of Financial Position
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Questions and Answers

Which one of the following is an accurate definition of a Balance Sheet?

  • A statement of the cash flows of a business over a certain period
  • A statement of the comprehensive income of a business over a certain period
  • A statement of the financial position of a business at a given moment in time (correct)
  • A statement of the changes in equity of a business over a certain period

Which one of the following is NOT a main grouping/heading in a Balance Sheet?

  • Non-Current Liabilities (correct)
  • Current Liabilities
  • Current Assets
  • Non-Current Assets

Which one of the following is an accurate definition of assets?

  • Present economic resources controlled by the entity as a result of future events
  • Present economic resources controlled by the entity as a result of past events (correct)
  • Future economic resources controlled by the entity as a result of past events
  • Future economic resources controlled by the entity as a result of future events

Which one of the following is an example of a non-current asset?

<p>Property, Plant, and Equipment (C)</p> Signup and view all the answers

Which one of the following is an example of a current asset?

<p>Prepaid Expenses (C)</p> Signup and view all the answers

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