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WorksheetsChart of Accounts
Total questions: 15
Worksheet time: 8mins
Cash at Bank is recorded on Balance sheet as
Current Asset
Current Liability
The Accounting Equation is
Assets = Liabilities + Owners Equity
Revenue - Expenses = Profit
A Building would be classified as
Non Current Liability
Non Current Asset
A Mortgage on a Building is a
Non Current Liability
Capital
Any money that an owner contributes to a business is
Capital
A loan
Accounts Receivable are a
Current Asset
Current Liability
Accounts Payable are a
Current Liability
Non Current Liability
Wages are an
Account Payable
Expense
Calculation to determine Profit
Revenue - Expenses
Assets - Liabilities
Assets, Liabilities and Owners Equity are recorded on
Balance Sheet
Income Statement
A delivery van would be considered
Non Current Liability
Non Current Asset
Revenue and Expenses are recorded on
Income Statement
Balance Sheet
Sales are recorded on the Income Statement as
Revenue
Expense
Insurance is recorded on Income Statement as
Liability
Expense
Any money held by the business is known in accounting terms as
Cash at Bank
Money
