☝️ SingleAF-03 · Which item is classified as a non-current liability? [2 marks]
A bank overdraft repayable on demand
A bank loan repayable in three years' time
Corporation tax due in nine months
Trade payables due in 30 days
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✌️ MultiAF-04 · Which TWO statements about the accounting equation are correct? (Select all that apply.) [2 marks]
Revenue reduces assets
Assets = Capital + Liabilities
Drawings increase capital
A cash purchase of inventory leaves total assets unchanged
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☝️ SingleAF-06 · The financial statements of a company have been prepared without material error, but the directors have not considered whether the business can continue for 12 months. Which assumption has been disregarded? [2 marks]
Business entity
Accruals basis
Going concern
Materiality
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