C10 EXAM 2024 WITH 100% ACCURATE SOLUTIONS

Parts to a Statement of Financial Position - ANSWER ☑☑Covers total assets, equities and liabilities ASSETS (A) 1. Non-current (revaluation) (not easily converted to cash within a year) 2. Current (inventories, cash, trade receivables, short term investments, pre-paid expenses) = Total assets (A) EQUITY AND LIABILITES (B) 1. Equity (share capital, reserves, retained earnings) =Total equity 3. Non-current liabilities (long-term borrowings/provisions) 4. Current liabilities (trade payables, tax) =Total liabilities =Total equity and liabilities (B) A = B Shareholders' Equity - ANSWER ☑☑total value of assets - total value of liabilities Finance can be provided by the owners by what? and by third parties by what? - ANSWER ☑☑equity liabilities Accoun