What's NewThe activity below will help you check how much you know about the key elementsof the Statement of Financial Position (SFP).Activity 1: "HULA ME"Directions:1. Guess the account title being described in each sentence.2. Identify what element of SFP (Assets, Liabilities or Equity) it is listed/ included.3. Write your answers on the columns provided.DescriptionAccount titleSFP ElementI am used as a medium ofexchange in businesstransactions. I may be held onhand or put in banks forsafekeeping.2.1.I can be in the form of cash orother assets invested by theowner to start- up a business.3.I am items held for resale.4.Iamexpensespaidinadvance.5.I am expenses incurred butnot yet paid.6.I am amounts due to suppliersfor the purchase of goods orservices received on account.7.I am an amount taken by theowner from the business forpersonal use.8.I am anaccount due withsupporting promissory notes.I am9.an account due fromcustomers as a result of saleof goodsrendered.10. I have a long- life and acquiredfor use in business operations.orforservices

The balance sheet shows the financial statement of the company that includes the assets,…

Description I am used as a medium of exchange in business transactions. I may be held on hand or put in banks for safekeeping. 2. Account title SFP Element 1. I can be in the form of cash or other assets invested by the owner to start- up a business. I am items held for resale. 3. 4. am expenses paid in advance. 5. I am expenses incurred but not yet paid.

Description I am used as a medium of exchange in business transactions. I may be held on hand or put in banks for safekeeping. 2. Account title SFP Element 1. I can be in the form of cash or other assets invested by the owner to start- up a business. I am items held for resale. 3. 4. am expenses paid in advance. 5. I am expenses incurred but not yet paid.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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