Question

12. Split the following shapes into rectangles and find the area of each (Measures are given in centimetres .


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Answer 1

The statement of financial position also known as a Balance Sheet represents the Assets, Liabilities and Equity of a business at a point in time.

For example:

Assets include cash, stock, property, plant or equipment – anything the business owns. Liabilities are what the business owes to outside parties, eg. suppliers, bank or business loans. Equity is the remaining proportion of the owner’s financial interest in the business after deducting any liabilities from the total assets in the business.