Business Basics -POA Chapter

Debit means left

• True
• False

To increase an asset you would use a 

• debit
• credit

To increase a liability you would use a 

• debit
• credit

Which category does Cash at bank belongs to?

• Non-current asset

• Current asset

• Non-current liability

• Current liability

Which category does Office equipment belongs to?

• Non-current asset

• Current asset

• Non-current liability

• Current liability

Which category does Trade payable belongs to?

• Non-current asset

• Current asset

• Non-current liability

• Current liability

Which category does Trade receivable belongs to?

• Non-current asset

• Current asset

• Non-current liability

• Current liability

Which category does Capital belongs to?

• Non-current asset

• Current asset

• Owner's equity

• Current liability

Which category does Discount received belongs to?

• Income

• Expense

All the following are internal users of accounting except:

• potential investors

• board of directors

• employees

• owners