Key term
CCEA A-Level Professional Business Services 3210
The Business Environment
The Professional Business Services Sector
The Consultancy Process
Understanding the Client's Market
Client Relationships
Business Ethics
Persuading, Negotiating and Influencing
Business Planning and Risk Management
Government Regulation
Organisational Structure and Culture
Recruitment and Selection
Learning and Development
Employee Well-Being and Motivation
Managing Conflict
Business Research Methods
Sources of Finance
Cash Flow
Financial Statements
Ratio Analysis
Investment Appraisal and Financial Decisions
IT Systems and Communication Technology
Technology for People and Operations
Technology for Finance and Disaster Recovery
Big Data and the Ethics of Technology
Leadership and Management
Managing Teams
Managing Change
Project Management and Feasibility
Project Initiation and Planning
Financial Statements
Assets on the statement of financial position
- 3 things to know
- AS 3
Overview
The statement of financial position, non-current and current assets, trade receivables, liquidity, depreciation and net book value, and what a lender looks for.
What you need to know
Answer each one before you reveal it.
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Key term
What is a statement of financial position?
Key term
How does a statement of financial position differ from an income statement?
Questions from this subtopic
Each one with the model answer underneath.
- 1
What is a statement of financial position?
Model answer
A statement of financial position shows a business's assets, liabilities and equity on a single date. The older name is the balance sheet.
- 2
How does a statement of financial position differ from an income statement?
Model answer
The statement of financial position is a snapshot of what the business owns and owes on one date. The income statement records trading over a whole period.
- 3
What is an asset?
Model answer
An asset is something a business owns or controls that has a money value. Premises, equipment, inventory and cash are examples.
- 4
What are non-current assets?
Model answer
Non-current assets, once called fixed assets, are held for more than a year to run the business. Non-current assets are not bought for resale.
- 5
Give three examples of non-current assets for a law firm.
Model answer
A law firm's non-current assets might include its office premises and its computer systems. Office furniture is also a non-current asset.
- 6
What are current assets?
Model answer
Current assets are cash or items expected to turn into cash within a year. Inventory, trade receivables and cash at bank are the main examples.
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