Accounting Classification - Group F

Determine the classes of accounts NOT included in Balance Sheet.

• Assets

• Expenses

• Capital

• Liabilities

Definition:

Properties owned by an organization that are expected

to benefit future time periods.

This statement is related to _____.

• Revenues

• Capital

• Liabilities

• Assets

Which of the following is TRUE?

• Assets = Capital - Liabilities

• Assets = Capital + Liabilities

• Liabilities = Assets + Capital

• Capital = Liabilities + Assets

Below are the examples of expenses, EXCEPT:

• Advertising

• Electricity

• Sales

• Salaries

Bank overdraft is an example of ____.

• Assets

• Expenses

• Liabilities

• Revenues

Income Statement consists of _____.

• Liabilities

• Revenues

• Capital

• Assets

Inventory is an example of____.

• Revenues

• Assets

• Liabilities

• Expenses

Below are an examples of current assets, EXCEPT

• Bank

• Cash

• Prepaid expenses

• Motor vehicles

Which example is NOT included in current liabilities?

• Account payables

• Mortgage loan

• Short term loan

• Bank overdraft

Based on accounting equation, determine the value of CAPITAL when:

Assets = RM 10,000

Liabilities = RM 2,500

• RM 12,500

• RM 7,500

• RM 10,000

• RM 2,500