ACC1006

Trading stock is always entered in the books at_____.

• Cost price

• Sales price

• Cash Payment Journal

• Cash Receipts Journal

Income and expenses have an influence on the _______ of the business.

• Assets

• Owners Equity

• Liability

An asset purchase by the business with the aim of changing it into cash within one year, is a ______ asset.

• Current

• Non-current

If bank is overdrawn, it is _________.

• Current liability

• Non-current liability

Non-current assets consist of ______ and ______.

• Fixed assets

• Financial assets

• Petty Cash

• Trading stock