Statement of financial position
10 practice questionsFinancial AccountingStep-by-step solutions
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1
Which of the following is a current asset?
A.Inventory
B.A 10-year bank loan
C.Land
D.Share capital
2
Buying a delivery truck for long-term use is an example of:
A.Revenue expenditure
B.Capital expenditure
C.A current liability
D.An accrued expense
3
Which of the following items appears on the statement of financial position (balance sheet)?
A.Sales revenue
B.Accounts payable
C.Cost of goods sold
D.Wages expense
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