(SOFP 2nd half) Financial statements - the basics Flashcards
(10 cards)
What £ sign does the 1st thing on the 2nd half of a SOFP go on and what is it?
1st £ sign
Current liabilities
What £ sign does the 2nd thing on the 2nd half of a SOFP go on and what is it?
2nd £ sign
Total current liabilities (NOT LABELLED)
What £ sign does the 3rd thing on the 2nd half of a SOFP go on and what is it?
3rd £ sign
Net current assets
How is net current assets calculated?
Total current assets - total current liabilities
What £ sign does the 4th thing on the 2nd half of a SOFP go on and what is it?
3rd £ sign
Total non-current assets + net current assets (NOT LABELLED)
What £ sign does the 5th thing on the 2nd half of a SOFP go on and what is it?
3rd £ sign
Non-current liabilities
What £ sign does the 6th thing on the 2nd half of a SOFP go on and what is it?
3rd £ sign
Net assets
How is net assets calculated?
Unlabelled total just above - non-current liabilities
What £ sign does the 7th thing on the 2nd half of a SOFP go on and what is it?
3rd £ sign
Capital
What are the items in the last 7 things listed for the SOFP?
Current liabilities
Total current liabilities (NOT LABELLED)
Net current assets
Total non-current assets + net current assets (NOT LABELLED)
Non-current liabilities
Net assets
Capital
