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Accounting Elements

Total questions: 51

Worksheet time: 9mins

Name
Class
Date
1.

Motor Vehicles

a)

Non-current asset

b)

Current asset

c)

Non-current liability

d)

Current liability

2.

Machinery

a)

Non-current asset

b)

Current asset

c)

Non-current liability

d)

Current liability

3.

Office equipment

a)

Non-current asset

b)

Current Asset

c)

Non-current liability

d)

Current liability

4.

Land and building

a)

Non-current asset

b)

Current asset

c)

Non-current liability

d)

Current liability

5.

Fixtures and fittings

a)

Non-current assets

b)

Current assets

c)

Non-current liabilities

d)

Current liabilities

6.

Property

a)

Non-current asset

b)

Current asset

c)

Non-current liability

d)

Current liability

7.

Inventory

a)

Non-current asset

b)

Current asset

c)

Non-current liability

d)

Current liability

8.

Trade Receivables

a)

Non-current asset

b)

Current asset

c)

Non-current liability

d)

Current liability

9.

Cash at bank

a)

Non-current asset

b)

Current asset

c)

Non-current liability

d)

Current liability

10.

Cash in hand

a)

Non-current asset

b)

Current asset

c)

Non-current liability

d)

Current liability

e)

Income

11.

Prepaid expenses

a)

Expense in Statement of Financial Performance

b)

Income in Statement of Financial Performance

c)

Current asset in Statement of Financial Position

d)

Current liability in Statement of Financial Position

12.

Other receivables

a)

Non-current asset

b)

Current asset

c)

Non-current liability

d)

Current liability

13.

Income receivables / Accrued Income

e.g. Rent Income Receivable

a)

Income in Statement of Financial Performance

b)

Expense in Statement of Financial Performance

c)

Current asset in Statement of Financial Position

d)

Current liability in Statement of Financial Position

14.

Bank loan (Long Term Borrowings)

a)

Non-current asset

b)

Current asset

c)

Non-current liability

d)

Current liability

15.

Mortgage

a)

Non-current asset

b)

Current asset

c)

Non-current liability

d)

Current liability

16.

Trade payables (i.e. arising from credit purchase of inventory)

a)

Non-current asset

b)

Non-current liability

c)

Current asset

d)

Current liability

17.

Current portion of long term borrowings

a)

Current asset

b)

Current liability

c)

Non-current asset

d)

Non-current liability

18.

Loan to employee (Business lends money to worker)

a)

Current asset in Statement of Financial Position

b)

Current liability in Statement of Financial Position

c)

Expense In Statement of Financial Performance

d)

Income in Statement of Financial Performance

19.

Bank Overdraft (Short Term Borrowings)

a)

Current asset

b)

Current liability

c)

Non-current asset

d)

Non-current liability

20.

Other payables (e.g. arising from credit purchase of non-current assets)

a)

Current asset

b)

Current liability

c)

Non-current asset

d)

Non-current liability

21.

Accrued expenses / Expenses owing

a)

Expense in Statement of Financial Performance

b)

Income in Statement of Financial Performance

c)

Current asset in Statement of Financial Position

d)

Current liability in Statement of Financial Position

22.

Income payable / Income received in advance

a)

Current asset in Statement of Financial Position

b)

Current liability in Statement of Financial Position

c)

Expense in Statement of Financial Performance

d)

Income in Statement of Financial Performance

23.

Drawings

a)

Asset in Statement of Financial Position

b)

Liability in Statement of Financial Position

c)

Income in Statement of Financial Performance

d)

Expense in Statement of Financial Performance

e)

Equity (i.e. Negative Equity) in Balance Sheet

24.

Capital

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

25.

Profit or Loss for the year

a)

Income in Statement of Financial Performance

b)

Expense in Statement of Financial Performance

c)

Equity in Statement of Financial Position

d)

Asset in Statement of Financial Position

e)

Liability in Statement of Financial Position

26.

Goods for resale

a)

Current asset

b)

Current liability

c)

Income

d)

Expense

27.

Repairs and maintenance

a)

Expense

b)

Income

c)

Asset

d)

Liability

e)

Equity

28.

Salary and wages paid to workers

a)

Expense

b)

Income

c)

Asset

d)

Liability

e)

Equity

29.

Rent income

a)

Expense

b)

Income

c)

Asset

d)

Liability

e)

Equity

30.

Commission Income / Received

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

31.

Commission paid

a)

Current asset in Statement of Financial Position

b)

Current liability in Statement of Financial Position

c)

Equity in Statement of Financial Position

d)

Income in Statement of Financial Performance

e)

Expense in Statement of Financial Performance

32.

Advertising

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

33.

Stationery

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

34.

Petty Cash

a)

Current asset

b)

Current liability

c)

Income

d)

Expense

e)

Equity

35.

Discount allowed (Cash discount allowed to Trade Receivables to encourage early / prompt payment)

a)

Expense

b)

Income

c)

Asset

d)

Liability

e)

Equity

36.

Discount received (cash discount received from trade payables for prompt / early payment)

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

37.

Prepaid stationery (i.e. unused stationery)

a)

Current asset in Statement of Financial Position

b)

Current liability in Statement of Financial Position

c)

Expense in Statement of Financial Performance

d)

Income in Statement of Financial Performance

e)

Equity

38.

Utilities (i.e. light, water, electricity)

a)

Current asset

b)

Current liability

c)

Income

d)

Expense

e)

Equity

39.

Carriage on sales / Freight charges / delivery charges / transportation charges

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Capital

40.

Sales revenue

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

41.

Cost of sales

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

42.

Postage

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

43.

Service fee revenue

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

44.

Bank charges

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

45.

Interest on loan / interest paid

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

46.

Interest income / interest received

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

47.

Depreciation of non-current assets

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

48.

Impairment loss on trade receivables

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

49.

Impairment loss of inventory

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

50.

Allowance for Impairment of Trade Receivables

a)

negative current asset

b)

negative current liability

c)

income

d)

expense

e)

equity

51.

Donation

a)

Asset

b)

Liability

c)

Income

d)

Expense

e)

Equity

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