FS The Accounting Elements & GST

Which element has the following phrase in its definition? '....a present obligation...'

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

Which element has the following phrase in its definition?

'...are increases in Assets or decreases in Liabilities...'

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

Which element has the following phrase in its definition?

'...the residual interest in the assets of the entity....'

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

Which element has the following phrase in its definition?

'...a present economic resource...'

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

Which element has the following phrase in its definition?

'... decreases in Assets or increases in Liabilities ...'

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

Which element has the following phrase in its definition?

'...result in a decrease in Owner's Equity...'

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

Which element has the following phrase in its definition?

'... result in increases in Owner's Equity ...'

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

Label the item an Asset or a Liability - BANK/CASH AT BANK

• Asset

• Liability

Label the item an Asset or a Liability - EQUIPMENT

• Asset

• Liability

Label the item an Asset or a Liability - LOAN

• Asset

• Liability