Financial Statements_classification

Classify the Item -Amount owed by the business to the Suppliers

• Asset
• Liability
• Income
• Expense
• Owners Equity/Net Worth

Classify the Item -Bank Balance

• Asset
• Liability
• Income
• Expense
• Owners Equity/Net Worth

Classify the Item -Land And Building

• Asset
• Liability
• Income
• Expense
• Owners Equity/Net Worth

Classify the Item -Loan taken repayable in 10 years

• Current Asset
• Current Liability
• Non Current Liability
• Non current Asset
• Owners Equity/Net Worth

Classify the Item -Loan repayable next year

• Current Asset
• Current Liability
• Non Current Liability
• Non current Asset
• Owners Equity/Net Worth

Classify the Item -Advance from Customers (< 1 year) for work to be done

• Current Asset
• Current Liability
• Non Current Liability
• Non current Asset
• Owners Equity/Net Worth

Classify the Item -Rent Advance Paid by our business

• Asset
• Liability
• Income
• Expense
• Owners Equity/Net Worth

Classify the Item -Interest and Finance Charges Earned

• Income
• Expense
• Liability
• Asset

Classify the Item -Patents and Trademarks

• Non Current Asset
• Current Asset
• Expense
• Income

Classify the Item - Shares issued to Investors of the Company

• Financial Asset
• Non financial Asset
• Financial Liability
• Non Financial Liability
• Owners Equity/Net Worth