PAC1163

Which of the following are part of ASSET?

• Trade receivable

• Trade payable

• Bank overdraft

• Mortgage

Which of the following is considered a liability?

• Property, plant, and equipment

• Cash

• Inventory

• Accounts payable

What is included in current assets?

• Deferred tax assets

• Long-term investments

• Cash and cash equivalents

• Goodwill

Which of the following represents owner's equity?

• Bank loans

• Retained earnings

• Trade payables

• Accounts receivable

Increase in Cash should be recorded in

• Credit

• Debit

Increase in Drawing

• Debit

• Credit

Increase in Printing service revenue

• Debit

• Credit

Decrease in Capital

• Debit

• Credit

Jane Enterprise buys equipment by cash

• Debit cash; Credit equipment

• Debit equipment; Credit cash

Blue Enterprise buys fixture and fittings on account

• Debit bank; Credit fixture and fittings

• Debit fixture and fittings; Credit bank

• Debit Account payable; Credit Fixture and fittings

• Debit Fixture and fittings; Credit Account payable