Classifying Accounts

_______ are income received by the business as a result of sales, services, general business

• Expenses

• Assets

• Revenues

• Liabilities

• Owner's Equity

_________ are necessary costs incurred by the business with no long-term benefit

• Revenues

• Expenses

• Assets

• Liabilities

• Owner's Equity

_________ are items of value owned or controlled by a business.

• Liabilities

• Assets

• Owner's Equity

• Revenues

• Expenses

_________ are amounts owned by a business to external parties.

• Owner's Equity

• Expenses

• Liabilities

• Expenses

• Revenues

___________ is the value of the business to the owner/s.

• Revenues

• Owner's Equity

• Expenses

• Assets

• Liabilities

Select all that are examples of revenue accounts

• Commission received

• Sales

• Cash at Bank

• Service Revenue

• Inventory

Select all that are examples of expense accounts

• Psotage

• Electricity

• Phone bill

• Insurance

• Wages

Select all that are examples of asset accounts

• Mortgage

• Cash at Bank

• Accounts Receivable

• Accounts Payable

• Capital

Select all that are examples of liability accounts

• Mortgage

• Accounts Payable

• Loan from ABC bank

• Loan to P. Smith

Select all that are examples of owner's equity accounts

• Cash at Bank

• Sales

• Capital

• Shares

• Drawings