Accounting Elements

Cash

• Asset

• Liability

• Capital

• Revenue

• Expense

Tools

• Asset

• Liability

• Capital

• Revenue

• Expense

Service Income

• Asset

• Liability

• Capital

• Revenue

• Expense

Land

• Asset

• Liability

• Capital

• Revenue

• Expense

Repair Revenue

• Asset

• Liability

• Capital

• Income

• Expense

Identify the 5 accounting elements from the following

• assets, liabilities, income, equity, expenses

• assets, loan, interest, capital, expenses

• assets, loan, income, equity, expenses

• assets, liabilities, insurance, equipment, expenses

Which of the following are non-current assets?

• cash in hand, loan, trade receivables

• motor vehicles, equipment, premises

• inventory, cash at bank, capital

• trade payables, fixtures, bank overdraft

Which of the following are current assets?

• trade payables, loan, cash at bank

• cost of sales, sales returns, cash in hand

• trade receivables, utilities, sales revenue

• cash at bank, inventory, trade receivables

Which of the following are liabilities?

• loan, trade payables, bank overdraft

• loan, trade receivables, cash at bank

• loan, equipment, cash in hand

• loan, capital, trade payables

Which answer contains ONLY assets?

• Car, equipment, land and trade receivable.

• Bank loan, truck, shelves and computer.

• Printer, motorbikes, inventory and capital.

• Desk, photocopier machine, trade payable and factory.