EMS - Accounting concepts

Select a Fixed asset

• Vehicle

• Money in the bank

• petty cash

• cash float

Assets are divide into which two categories

• Fixed and current assets

• Fixed and non current assets

• Current assets and variable assets

• Current assets

Assets are best described as

• possession of the business

• debt of the business

Income from a job

• salary

• interest

income from the bank for money invested

• interest

• wage

• salary

Land and buildings is an example of a

• asset

• current asset

• fixed asset

Debt that a business or individual has to pay

• asset

• capital

• income

• liability

Money used to start business

• Expense

• income

• liability

• capital

Cash kept in the cash register for change

• petty cash

• cash float

• money

• trading stock

goods that a business buys and adds on profit and resells

• income

• expense

• trading stock

• asset