question archive Q1) The statement of changes in equity Select one: a
Q1) The statement of changes in equity Select one: a
Subject:AccountingPrice: Bought3
Q1) The statement of changes in equity
Select one:
a.
indicates the ability of the entity to generate cash flow
b.
shows the selling price of the entity's assets
c.
shows how profit was determined
d.
serves as a connecting link between the income statement and the balance sheet
Q2: Opening Equity = $40,000
Current Assets = $ 80,000
Net Assets = $90,000
Non-Current Liabilities = $ 45,000
Profit during the year = $ 80,000
Dividend is also paid during the year and the owner also withdrew some part of the capital during the year.
Calculate the amount of closing Equity from the above information:
Select one:
a.
Need more information to calculate owner's closing equity, can not be calculated with the above information.
b.
$75,000
c.
$90,000
d.
$120,000
Q3: Which of the following will be recorded under other comprehensive income?
Select one:
a.
Gain on sale of Machinery
b.
Gain on translation of financial statements of foreign operations
c.
None of the given options is other comprehensive income
d.
Service Fee
Q4: It is true under IAS 1/AASB 101 that
Select one:
a.
for the balance sheet all assets and liabilities must be classified as current or non-current (unless a liquidity presentation is more appropriate)
b.
movements in reserves must be shown on the face of the balance shee
c.
the balance sheet must begin with the assets section
d.
there is a prescribed format set out for the balance sheet
Q5: Current Assets = $80,000
Non-Current Assets = $ 220,000
Total Assets = $ 300,000
Current Liabilities = $ 50,000
Total Liabilities = $175,000
Calculate Net Assets:
Answer____________
