The statement of financial position

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. What is the Accounting Equation?

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. Paola has non-current liabilities of £200,000, current assets of £150,000, current liabilities of £125,000 and non-current assets of £250,000. What is Paola's capital account balance?

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. The statement of financial position shows the market value of an organisation.

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. Non-current assets are: Please select all that apply.

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. Which one of the following would not be recognised as a trade and other receivables figure in the statement of financial position?

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. Fabia has property, plant and equipment of £231,000, a long-term loan of £100,000, trade payables of £50,000, a taxation refund due of £1,000, inventory of £25,000, a bank overdraft of £12,000 and trade receivables of £68,000. What is the figure for Fabia's total assets?

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. The statement of financial position shows the financially measurable resources and the financially measureable obligations of an entity at a single point in time.

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. Which of the following would be classified as current liabilities in the statement of financial position? Please select all that apply.

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. In which one of the following circumstances will an entity not recognize a liability?

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. Which one of the following statements is not correct?

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. A company buys inventory for cash. What is the effect of this transaction on the balances in the company's statement of financial position?

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. Total assets + total liabilities = net assets

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. The International Accounting Standards Board defines an asset as:

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. At 1 October 2020, Maria's capital account balance was £41,372. During the financial year to 30 September 2021, Maria paid £20,000 of her own money into her business bank account, made a profit of £22,145 and withdrew £2,000 from the business bank account each month for her own personal expenses. What is the balance on Maria's capital account at 30 September 2021?

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. The distinction between non-current and current assets comes down to one of time.

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