Accounting Multiple Choice Question – 10 October 2017

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Accounting

A retailer has never kept accounting records, but wishes to know the value of the business.

Which statement would provide the retailer with the value of the business?

Select ONE answer:

  1. cash flows
  2. changes in equity
  3. financial position
  4. income
  5. order book

Give two reasons why the value of a business is not included in the financial statements: ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 3 – The statement of financial position is another name for the balance sheet. It is one of the main financial statements and it reports an entity’s assets, liabilities, and the difference in their totals.  The amounts reported on the statement of financial position are the amounts as of the final moment of an accounting period.

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Author: stuart001uk2014

Referral marketing, business, economics and accounting s​pecialist & corporate mentor

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