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Accounting elements Part 1

Total questions: 35

Worksheet time: 12mins

Name
Class
Date
1.

Books

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

2.

Wages

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

3.

Petty cash

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

4.

Vending machine

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

5.

Service Fees Received

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

6.

Lightning and heating

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

7.

Interest Received

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

8.

Maintenance of premises

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

9.

Land and building

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

10.

Bank overdraft

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

11.

Cash in hand

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

12.

Creditors

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

13.

Discount Allowed

= discount given to the customer

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

14.

Lorry

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

15.

Air-conditioner

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

16.

Chairs

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

17.

Ink

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

18.

Fixed deposit

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

19.

Office Laptop

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

20.

Telephone bills

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

21.

Motor expenses

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

22.

Rent Received

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

23.

Fixtures and fittings

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

24.

Advertising

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

25.

Furniture

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

26.

Capital

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

27.

Carriage inwards

= shipping costs incurred from suppliers

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

28.

Commission Received

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

29.

Trucks

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

30.

Photocopy machine

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

31.

Desks

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

32.

Erasers

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

33.

Purchases

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

34.

Water and light bills

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

35.

Fountain pens

a)

ASSETS

b)

LIABILITIES

c)

OWNER'S EQUITY

d)

EXPENSES

e)

REVENUE

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