ACC 117 Chap 3

One of the accounting classifications is asset. From the followings, which one is not classified as asset?

• machine

• building

• cash

• creditors

creditors are part of liabilities. what are the are the examples of liabilities?

• debtors

• overdraft bank

• long term loan

• fixed deposits

Stock, debtors and bank are examples of ____________________ asset.

_________________ liabilities are the business' obligation to pay the debt within one year.

Creditors are the business' ____________ and debtors are the business' ___________.

• asssets, owner's equity

• current liabilities, current assets

• current assets, current liabilities

• assets, liabilities

Choose items that will be recorded in Statement of Financial Position.

• Assets

• Liabilities

• owner's equity

• revenues

Statements of Profit and Loss records two categories, namely:

• Assets and liabilities

• liabilities and owners equity

• asset, liabilities and owner's equity

• Revenues and expenses

_______________________ is the money your business brings in during an accounting period and ______________ is the money that the business spends on.

which of the following is the correct accounting equation.

• assets= liabilities + OE

• OE= liabilities + assets

• assets + Liabilities + OE

• assets + Liabilities - OE

35 000 (Asset) = 23 000 (L) + __________ (OE)