1. Define a statement of financial position

2. Explain the presentation of assets and liabilities in the statement of financial position

3. Define assets.

4. What are the essential characteristics of assets?

5. Define current assets.

6. Explain briefly an operating cycle.

7. What are the line items that should be shown under current assets on the face of the statement of financial position?

8. Define noncurrent assets

9. Define property, plant, and equipment.

10. Define investments.

11. Define intangible assets

12. Define other noncurrent assets.

13. Define liabilities

14. What are the essential characteristics of liabilities?

15. Define current liabilities

16. Explain fully the treatment of currently maturing long-term debt

17: What are covenants?

18 Explain the classification of liability if the related covenants are breached

19, What are the line items that should be shown under current liabilities on the face of the statement of financial position?

20. Define noncurrent liabilities.

21. What is working capital?

22. What are estimated liabilities?

23. Define contingent liability.

24. Explain the treatment of contingent liability.

25. Define a contingent asset.

26. Explain the treatment of a contingent asset.

27. Define equity.

28. What are the components of shareholders' equity?

29,, Explain share capital, subscribed share capital and share premium,

28. What are the components of shareholders' equity?

29., Explain share capital, subscribed share capital, and share premium.

30. Explain treasury shares.

31. Explain retained earnings.

32. Explain revaluation surplus.

33. Discuss the meaning of the term reserves.

34. What are the line items that are required to be shown on the face of the statement of financial position?

35. Explain the forms of the statement of financial position

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