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SingaporeAccountingQuick questions
The Accounting Environment and Equation
Quick questions on Assets, liabilities and owner's equity: N(A)-Level Principles of Accounts
4short 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 is the order in the statement?Show answer
In the statement of financial position, non-current assets are listed first, then current assets. On the other side, owner's equity comes first, then non-current liabilities, then current liabilities. This ordering, longest-lasting first, makes it easy to compare what the business has with how it is funded.
What is q1?Show answer
State whether a delivery van is a current or non-current asset, and why. [2 marks]
What is q2?Show answer
A business has a bank overdraft of \900$. In which group does it belong? [2 marks]
What is q3?Show answer
Explain why capital is shown as owner's equity rather than as a liability. [2 marks]
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