ACW1020 Accounting in business - MUM S1 2025
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The following statements describe the limitations of a balance sheet, except:
The following information is from the balance sheet of TWT Berhad as at 31 December 2020. Find the retained profit as at 31 December 2020
Cash | $150,000 |
Accounts receivable | 30,000 |
Motor vehicle | 60,000 |
Machinery | 250,000 |
Accounts payable | 75,000 |
Wages payable | 50,000 |
Loan payable | 140,000 |
Share capital at 1.1. 2020 | 150,000 |
Retained profit | ?? |
Dividends | 13,000 |
In a company's statement of financial position, the balance of retained earnings at the end of the period is equal to:
Based on the information given below, find the value for Accounts receivable?
Land RM 300,000
Cash 450,000
Accounts receivable ?
Salaries payable 25,000
Long-term loans 250,000
Share capital 600,000
Which of these items, which could be listed on a statement of financial position, but are likely NOT to translate into future economic benefits?
i. Large inventories of faulty spare parts
ii. Accounts receivable that have been outstanding for nine months
iii. Inventory that has been on the shelves for over a year.
iv. Cash balance in a 6-month fixed deposit account.
On 23 August 2021, the board of directors of Marble Limited plans to apply for a 10-year, $1.6 million bank loan from UMBC Bank. This loan should be reported in as a non-current liability in the balance sheet as at 31 August 2021.
Match the item to the correct classification in the statement of financial position.
Choose the correct item for each of the description below.
Which of the following statements is not correct about the statement of financial position?
Accounting equation is:
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