Accounting Basics

Current Assets include​ (a)   (b)   (c)   ​ (d)   (e)  
[answer in alphabetical order]

• Cash
• Petty Cash
• Mortgage
• Inventory
• Accounts Receivable
• Accounts Payable
• Bank
• Bank Overdraft
• Vehicles
• Tools and Equipment

A Non-Current Asset includes: ​ (a)   ​ (b)   ​ (c)   ​ (d)  
[answer in alphabetical order]

• Cash
• Bank
• Mortgage
• Accounts Payable
• Accounts Receivable
• Vehicles
• Tools and Equipment
• Inventory
• Intangible asset(s)
• Buildings

Owners Equity
[your answer must be words in full with Upper and lower case; like: Word { } Word =
{insert the correct mathematical symbol with a space before and after}]

Owners Equity is
[choose all the correct answers]

• equal to Total Assets

• equal to Total Liabilities

• the capital left in the business by the owners

• Total Assets minus Total Liabilities

Liability is something

• owned by the business

• owed by the business

• owed to the owners

• receivable in the future

An Asset is

• owned by the business

• owed by the business

• payable to the owner

• an obligation to pay in the future

The owners of the business work for

• profit

• fun

• ability to travel

• life

If expenses are larger than income, a business will achieve a

• Net Profit

• Net Loss

• Operating Surplus

• Net Income

Types of expenses include:​ (a)   ​ (b)   ​ ​ (c)   ​ (d)   ​ (e)  
[answer in alphabetical order]

• Shop rent
• Wages
• Vehicles
• Plant and Machinery
• Buildings
• Petty Cash
• Telephone
• Bank
• Advertising
• Bank charges

Revenue is the amount of ______
a business makes from selling goods/services.