FABM SFP
Quiz by Nikaa
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- Q1
Current assets are assets that are to be used within 12 months.
TRUE
FALSE
30s - Q2
Non-current liabilities are also known as short-term liabilities.
TRUE
FALSE
30s - Q3
Long-term liabilities are liabilities that should be paid or settled within 12 months.
TRUE
FALSE
30s - Q4
Equipment is an example of a current asset.
FALSE
TRUE
30s - Q5
Non-current assets are assets to be utilized for more than 12 months.
FALSE
TRUE
30s - Q6
More people prefer the account form of the Statement of Financial Position because it is easier to analyze the financial data of different years.
FALSE
TRUE
30s - Q7
The report form of the Statement of Financial Position presents accounts vertically.
TRUE
FALSE
30s - Q8
Non-current assets are presented after current assets.
FALSE
TRUE
30s - Q9
The Statement of Financial Position can only be accomplished after the trial balance is finished.
FALSE
TRUE
30s - Q10
The report form of the Statement of Financial Position is more difficult to prepare than the account form.
FALSE
TRUE
30s - Q11
Divided into two columns
REPORT FORM
ACCOUNT FORM
30s - Q12
Easier to compare to different years
ACCOUNT FORM
REPORT FORM
30s - Q13
Presented vertically
ACCOUNT FORM
REPORT FORM
30s - Q14
Comprising only one column
REPORT FORM
ACCOUNT FORM
30s - Q15
Presented horizontally
ACCOUNT FORM
REPORT FORM
30s