Classification of the statement of financial position

Reference no: EM133164201

Task: Classification of the Statement of Financial Position

The purpose of this task is to familiarise you with some of the terminology relating to accounting information and to classify financial transactions appropriately.

In your breakout groups, match the following descriptions of items that appear in the Statement of Financial Position with the relevant main categories of the Statement of Financial Position.

Statement of Financial Position main categories are as follows:

a) Non-current assets

b) Current assets

c) Current liabilities

d) Non-current liabilities

e) Equity

The following items need to be categorised into one of the above main categories:

Trade receivables
Land
Share Capital
Bank overdraft
Office computer
Retained Earnings
Cash Balances
Inventories
Accrual for Electricity
Amounts due to suppliers (Trade payables)
Revaluation Reserve

Reference no: EM133164201

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