Accounting elements

What are the 2 other words used for goods in accounting?

• Property

• Accounts Receivable

• Inventory

• Stocks

Which of the following are current assets?

• trade payables, loan, cash at bank

• cost of sales, sales returns, cash in hand

• trade receivables, utilities, sales revenue

• cash at bank, inventory, trade receivables

Which of the following are non-current assets?

• cash in hand, loan, trade receivables

• motor vehicles, equipment, premises

• inventory, cash at bank, capital

• trade payables, fixtures, bank overdraft

Capital is a _______

• Asset

• Liability

• Income

• Expense

• Capital

Drawings is a _______

• Asset

• Liability

• Income

• Expense

• Drawings

Motor vehicle is a _______

• Asset

• Liability

• Income

• Expense

• Drawings

Sales revenue is a _______

• Asset

• Liability

• Income

• Expense

• Drawings

Discount received is a _______

• Asset

• Liability

• Income

• Expense

• Drawings

General expenses is a _______

• Asset

• Liability

• Income

• Expense

• Drawings

Loan from bank is a _______

• Asset

• Liability

• Income

• Expense

• Drawings