Which one of the following statements regarding the statement of financial position isfalse?

a)It was formerly known as the balance sheet.

b)It shows the assets and liabilities of a business at a certain point in time.

c)It shows the average assets and liabilities of a business over the last financial period.

d)It shows how much the owner has invested in the business.

Which of the following isnota characteristic of an asset?

a)It will bring future economic benefits to the business.

b)It is owned by the business.

c)It can be held by the business for a short period of time.

d)It must have a physical substance.

Which of the following would be a liability for a business?

a)The amount it has paid for the electricity used

b)Trade receivables

c)A charitable donation the business plans to make in the future

d)Trade payables