Chart of Accounts '

According to a Balance sheet, Assets are divided into two sections.

• Current and reliable Assets

• Non reliable and reliable Assets.

• Current and non current Assets

Merchandise Inventory is considered a

• Current Asset

• Non current Asset

In the case of returning merchandise, Merchandise Inventory is recorded as

• Debit

• Credit

Insurance is recorded on Income Statement as

• Liability

• Expense

Delivery Expense is recorded as

• Debit

• Credit

Revenue and Expenses are recorded on

• Balance sheet

• Statement of Owners Equity

• Income statement

A delivery van would be considered

• Non Current Liability

• Non Current Asset

Assets, Liabilities and Owners Equity are recorded on

• Income statement

• Statement of owners equity

• Balance sheet

Calculation to determine Profit

• Revenue - Expenses

• Assets - Liabilities

Accounts Payable are a

• Current Liability

• Non Current Liability