Quick Fire [assets, Liabilities, Expenses, Equity, Income] Ncea Lvl 1 Accounting

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Quick Fire [assets, Liabilities, Expenses, Equity, Income] Ncea Lvl 1 Accounting

Statement of Financial Position / Balance Sheet Sonny Bill Williams LTD - For the Year Ended 31 March 31/03/Infinity [we hope] Is Sonny Bill Williams an Asset or a Liability? Mmmm


Questions and Answers
  • 1. 
    Accounts Receivable
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 2. 
    Accounts Payable
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 3. 
    Goodwill
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Intangible Asset

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 4. 
    Opening Capital
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Intangible Asset

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 5. 
    Profit for the Year
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Intangible Asset

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 6. 
    Inventory
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Intangible Asset

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 7. 
    Bank Overdraft
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Intangible Asset

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 8. 
    Petty Cash
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Intangible Asset

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 9. 
    Bank
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Investments

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 10. 
    Loan (12% per annum due 15/03/2040)
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Investments

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 11. 
    Drawings
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Investments

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 12. 
    Prepayments
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Investments

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 13. 
    Accrued Expense
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Investments

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 14. 
    Total Carrying Amount
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Property, Plant and Equipment

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense

  • 15. 
    Shares in BroSir LTD
    • A. 

      Current Asset

    • B. 

      Negative Income

    • C. 

      Negative Asset

    • D. 

      Non-Current Liability

    • E. 

      Non Current Asset - > Investments

    • F. 

      Negative Equity

    • G. 

      Income

    • H. 

      Equity

    • I. 

      Current Liability

    • J. 

      Expense