Accounting Fundamentals

Current ___________ must be paid back within a year.

Which of the following is the odd one out?

• Property

• Machinery

• Inventory

• Vehicle

When the owner invests in a business this is known as ______.

Equity is a current liability.

• True

• False

Which of the following is a liability?

• Rent

• Property

• Bank Loan

• Sales

Being late to Higher Accounting means

• Being disrespectful to the class

• Being disrespectful to the subject

• Being disrespectful to Mr W

• Being disrespectful to yourself

• All of the above/side to

If a sum owed to another person or business is to be paid back over more than a year it is called a ___-current liability.

Which of the following is the odd one out?

• 
• 
• 
• 

When a business receives Income it can be classified as a ____.

_____ is the main source of income for all businesses.