Statement of Financial Position - Classifications

Classify the following account:

Bank

• Current asset

• Investment asset

• Equity

• Current liability

Classify the following account:

Mortgage

• Intangible asset

• Non-current liability

• Equity

• Current asset

Classify the following account:

Computer

• Current asset

• Current liability

• Property, plant and equipment

• Investment asset

Classify the following account:

Accounts Receivable

• Current asset

• Investment asset

• Intangible asset

• Current liability

Classify the following account:

Vehicles

• Property, plant and equipment

• Non-current liability

• Equity

• Current asset

Classify the following account:

Profit for the year

• Current asset

• Intangible asset

• Equity

• Non-current liability

Answer explanation

Profit for the year is in the 'Equity' section of the Statement of Financial Position

Classify the following account:

Inventory

• Current liability

• Non-current liability

• Current asset

• Investment asset

Classify the following account:

Plant

• Current asset

• Property, plant and equipment

• Investment asset

• Intangible asset

Classify the following account:

Term Deposit

• Investment asset

• Non-current liability

• Current asset

• Equity

Classify the following account:

Loan

• Current liability

• Current asset

• Equity

• Non-current liability