statement of financial position info

Question 1

3 key terms

Answer 1

assets
liabilities
equity

Question 2

examples of controlled assets

Answer 2

property plant and equipment
inventory
cash
trade receivables
prepayments

Question 3

examples of not controlled assets

Answer 3

customers
employees
market share

Question 4

what kind of future economic benefits can assets be

Answer 4

cash inflows
trade receivables
cash
ppe
equipment

Question 5

examples of liabilities

Answer 5

trade payables
tax payable
bank loan
loans
customer payment in advance
dividend payables
wages
interest payable

Question 6

4 main heading in balance sheet

Answer 6

non current assets
current assets
current liabilities
non current liabilities

Question 7

definition points of current asset

Answer 7

entity expects to sell or consume asset within 12 months
asset is cash or cash equivalent
asset is used for trading

Question 8

how long does entity have to settle the liability if its a current liability

Answer 8

12 months

Question 9

forumla for equity

Answer 9

aasets - liabilities

Question 10

components of equity

Answer 10

share capital
share premium
retained earnings

Question 11

types of income

Answer 11

dividends
sales revenue
interest from loans