ACC803 - Revision One

Are a company’s resources with future benefits- things a company owns or controls:

• Assets

• Liability

• Revenue

• Expense

A Company’s obligations – amounts that a company owes:

• Assets

• Liability

• Revenue

• Expense

Property rights-Claims of business owner:

• Assets

• Liability

• Owner Equity

• Non of the answer

Account Payable is classified as:

• Assets

• Liability

• Revenue

• Expense

Account Receivable is classified as:

• Assets

• Liability

• Revenue

• Expense

Supplies is classified as:

• Assets

• Liability

• Revenue

• Expense

Service Revenue is classified as:

• Assets

• Liability

• Revenue

• Expense

Loan is classified as:

• Assets

• Liability

• Revenue

• Expense

Fees Income is classified as:

• Assets

• Liability

• Revenue

• Expense

Note Payable is classified as:

• Assets

• Liability

• Revenue

• Expense