Skills and knowledge test question 7

Machinery owned by the business

• Asset

• Liability

Bank balance (money in the bank)

• Asset

• Liability

Bank balance (Overdrawn)

• Asset

• Liability

Cash

• Asset

• Liability

Petty cash

• Asset

• Liability

Money owed by a credit customer

• Asset

• Liability

Money owed by a credit supplier

• Asset

• Liability

VAT owed to HMRC

• Asset

• Liability

VAT owed by HMRC

• Asset

• Liability

Bank loan

• Asset

• Liability