Classification of accounts

Sales is classified as an ............ account.

• Asset

• Liability

• Equity

• Income

Trading Stock is classified as an ............ account.

• Expense

• Asset

• Liability

• Equity

Drawings is classified as an ............ account.

• Income

• Asset

• Liability

• Equity

Cost of Sales is classified as an ............ account.

• Income

• Expense

• Asset

• Liability

Petty Cash is classified as an ............ account.

• Equity

• Income

• Asset

• Liability

Debtors' Control is classified as an ............ account.

• Income

• Expense

• Asset

• Liability

Vehicles is classified as an ............ account.

• Equity

• Income

• Expense

• Asset

Creditors' Control is classified as an ............ account.

• Liability

• Equity

• Income

• Expense

Cash Float is classified as an ............ account.

• Asset

• Liability

• Equity

• Income

Consumable Stores

• Expenses

• Asset

• Liability

• Equity