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Statement of financial position

5.4

What the syllabus asks of you

  • The main elements of a statement of financial position: The main classifications of assets and liabilities, using examples
  • Interpret a simple statement of financial position and make deductions from it, e.g. how a business is financing its activities and what assets it owns, sale of inventories to raise finance (constructing statements of financial position will not be assessed)

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Chapter 5: Statement of financial position

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Drill this topic

All 3 questions on Statement of financial position, untimed — answer on paper, then mark yourself against the mark scheme.

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Choose the years and how many questions, then print it with the answers on separate pages.

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3 questions

These are structured questions, answered in working rather than by picking an option, so they are not listed here one by one. The drill above puts each in front of you with its mark scheme to check against.