Basics of Accounting

Identify the type of the Asset - Plant and Machinery

• Fixed Asset

• Current Asset

Identify the type of liability - Raw material purchased on credit from supplier

• Current Liability

• Non-Current Liability

Goodwill is

Identify the type of asset - Copyrights

• Current Assets

• Fixed Assets

Loan given to an employee

• Asset

• Liability

Loan taken from bank

• Asset

• Liability

Trademarks are

• Fixed Assets

• Current Assets

• Intangible assets

• Tangible Assets

Select which of the following is/are Business Transactions.

• Raw Material purchased from Jain & sons worth Rs. 10,000 on credit.

• Rent paid to Landlord Rs. 20,000.

• Appointed the HR Manager on a monthly Salary of Rs. 25,000.

• Placed an order with M/s Mehta Associates for purchase of an equipment for Rs. 30,000

• Profit estimated in future Rs. 50,000.

Bank Overdraft is a

• Non Current Liability

• Current Liability

• Current Asset

• Fixed Asset

Unpaid Salary is

• Current Asset

• Current Liability

• Non Current Asset

• Non Current Liability