Which of the following is NOT a component of general purpose financial statements according to MFRS 101?

• Statement of Comprehensive Income
• Statement of Financial Position
• Trial Balance
• Statement of Cash Flow

The Statement of Comprehensive Income is also known as the Income Statement or Profit and Loss Statement.

Assets, Liabilities and Expenses are the three main elements found in the statement of financial position?

Which of the following best describes the purpose of financial statements?

• To calculate taxes for the government
• To provide information for economic decision-making
• To advertise the business to customers
• To determine employee salaries

The Statement of Cash Flow presents the movement of cash and bank balances over a period and is classified into operating, investing, and financing activities.

In the Statement of Comprehensive Income, what is the term for the DIFFERENCE between Income and Expenses?

• Net profit

Which of the following is INCLUDED in the notes to the accounts?

• Details about depreciation methods
• The company logo
• Employee birthdays
• Daily sales receipts

The Statement of Changes in Equity shows the movement in owner’s equity, including net profit or loss, share capital changes, and dividends.

What is the other common name for the Statement of Financial Position (SOFP)?

• Balance sheet

Which of the following would NOT appear under CURRENT LIABILITIES in the Statement of Financial Position?

• Creditors
• Accrued expenses
• Bank overdraft
• Land