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CLASSIFICATION OF ACCOUNTS #1

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

Office equipment is

a)

assets

b)

liabilities

c)

equity

d)

expenses

e)

revenue

2.

Shop rental

a)

assets

b)

liabilities

c)

expenses

d)

equity

e)

revenue

3.

Machinery is

a)

Assets

b)

Liabilities

c)

Equity

d)

Expenses

e)

Revenue

4.

Staff salary is

a)

liabilities

b)

assets

c)

revenue

d)

expenses

e)

equity

5.

Repair and maintenance is

a)

revenue

b)

assets

c)

liabilities

d)

equity

e)

expenses

6.

Cash in hand is

a)

assets

b)

revenue

c)

liabilities

d)

expenses

e)

equity

7.

Utilities is

a)

assets

b)

liabilities

c)

equity

d)

expenses

e)

revenue

8.

Sales is

a)

liabilities

b)

expenses

c)

assets

d)

revenue

e)

expenses

9.

Inventory is

a)

equity

b)

liabilities

c)

assets

d)

expenses

e)

revenue

10.

Legal fee is

a)

equity

b)

expenses

c)

revenue

d)

equity

e)

assets

11.

Land is

a)

equity

b)

revenue

c)

liabilities

d)

assets

e)

expenses

12.

Electricity is

a)

liabilities

b)

revenue

c)

equity

d)

assets

e)

expenses

13.

Fuel is

a)

revenue

b)

assets

c)

expenses

d)

liabilities

e)

equity

14.

Cash at bank is

a)

assets

b)

equity

c)

revenue

d)

liabilities

e)

expenses

15.

Insurance is

a)

equity

b)

expenses

c)

assets

d)

revenue

e)

liabilities

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