(SOFP 1st half) Financial statements - the basics

Question 1

What is the title of a SOFP?

Answer 1

SOFP for (name) as at (year).

Question 2

What £ sign does the 1st thing on the 1st half of a SOFP go on and what is it?

Answer 2

3rd £ sign

Non-current assets

Question 3

What £ sign does the 2nd thing on the 1st half of a SOFP go on and what is it?

Answer 3

1st £ sign

Closing inventory

Question 4

What £ sign does the 3rd thing on the 1st half of a SOFP go on and what is it?

Answer 4

1st £ sign

Current assets

Question 5

What £ sign does the 4th thing on the 1st half of a SOFP go on and what is it?

Answer 5

2nd £ sign

Total current assets (NOT LABELLED)

Question 6

What £ sign does the 5th thing on the 1st half of a SOFP go on and what is it?

Answer 6

3rd £ sign

Total assets

Question 7

What are the first 5 things listed on the 1st half of a SOFP?

Answer 7

Non-current assets
Closing inventory
Current assets
Total current assets (NOT LABELLED)
Total assets