Accounting terminologies

which one of them is an asset?

• Accounts payable

• Loan

• Rent expense

• Inventory

which one of them is a current asset?

• Buildings

• Accounts payable

• Prepaid expenses

• Notes payable

What are liabilities?

• Resources owned by the business.

• Money owed to the business.

• Money owed to others

• claims of the owners in the business.

What is money invested by the owner?

• Assets

• Liabilities

• Owner's equity

• Capital

Mark the current assets.

• Accounts receivables

• Notes payable

• Cash

• Bank

• Rent

Mark the expenses>

• Wages and salaries payable

• Rent

• Interest received

• Insurance

Identify the intangible assets.

• Copyright

• Trade mark

• Machines

• Interest expense

Identify the expenses.

• Rent payable

• Insurance

• Wages and salaries

• Purchases

What is the balance sheet?

• Statement of cash flow

• Statement of financial position

• Trading, profit and loss account

• Statement of change in equity

Which of the following is a final account?

• The larger

• The journal

• The trail balance

• The income statement