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SingaporeAccountingQuick questions

Financial Statements

Quick questions on The statement of financial position: N(A)-Level Principles of Accounts

6short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.

What are the order of assets?
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Non-current assets are shown at net book value (cost less accumulated depreciation).
What is the capital section?
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The capital section explains the owner's stake during the year:
What are net assets?
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$Net assets=total assets−total liabilities=closing capital\text{Net assets} = \text{total assets} - \text{total liabilities} = \text{closing capital}$
What is q1?
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State the formula for closing capital. [2 marks]
What is q2?
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Total assets are \30,000andtotalliabilitiesare and total liabilities are \11,00011,000. State the closing capital. [1 mark]
What is q3?
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Explain why non-current assets are shown at net book value rather than cost. [2 marks]

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