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Statement of Financial Position Quiz

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Questions and Answers

Which of the following is an example of an asset on a statement of financial position?

Retained earnings

Accounts payable

Accounts receivable (correct)

Common stock

Which of the following is a liability on a statement of financial position?

Inventory

Long-term debt (correct)

Prepaid expenses

Accumulated depreciation

Which of the following is a key component of a statement of financial position?

Net income

Sales revenue

Accounts payable (correct)

Cost of goods sold

Which of the following topics is covered in the free course 'Ratio, proportion and percentages'?

Dividing something into parts Signup and view all the answers

Which of the following is an example of expressing a ratio?

One in every four people is a child Signup and view all the answers

Which of the following is an example of expressing a proportion?

25% of the village population are children Signup and view all the answers

Which of the following is an example of expressing a percentage?

25% of the village population are children Signup and view all the answers

Which of the following is an example of dividing something into parts?

All of the above Signup and view all the answers

Study Notes

Financial Statement Components

Assets are items that a company owns or controls and are expected to generate future economic benefits.
Liabilities are debts or obligations that a company owes to others.

Ratio, Proportion, and Percentages

A key component of a statement of financial position is the presentation of a company's assets, liabilities, and equity.
A ratio is a comparison of two quantities, such as a company's current assets to its current liabilities.
Proportion is a relationship between two quantities, such as a company's sales to its total revenue.
A percentage represents a value as a fraction of 100, such as a 25% increase in sales.
Dividing something into parts is known as partitioning, and is a fundamental concept in ratio, proportion, and percentage calculations.

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Description

Test your knowledge of statement of financial position with this multiple choice quiz! Identify key components and examples of assets and liabilities on a statement of financial position.