Accounting

Which of the following item is not an asset.

• Cash at Bank

• Motor Vehicle

• Stationery

• Inventories

A Bank Loan is classified as a:

• Revenue

• Expense

• Asset

• Liability

Which of the following items would not fall under the definition of an asset ?

• Creditors

• Debtors

• Cash

• Machinery

The amount spent in order to produce and sell the goods and services which generates income is termed as

• Revenue

• Loss

• Expenses

• Liabilities

The person who owes money to the firm is called a

• creditor

• lender

• bank

• debtor

An Enterprise to whom an entity owe, an amount for buying goods and services on credit is called

• Creditor

• Debtor

• Lender

• Bad debt

Which of the following are goods?

• Machines manufactured for sale.

• Furniture purchase for sale

• Books and stationery purchase by a bool seller

• All the above.

Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)

• Profit
• Overhead
• Income
• None of the above

An increase in owner's equity resulting from the operation of a business

• asset
• expense
• withdrawl
• revenue

The basic accounting equation is Assets=Liabilities + _______________________.

• Income
• Owner's Equity
• Expenses
• Profit