Account Classifications

What is the term for expenses related to selling or distributing the item?

• Advertising

• Sales Salaries

• Selling & Distribution

• Delivery Vehicle Expenses

What is the term for promoting the business, product, or service?

• Advertising

• Sales Salaries

• Delivery Vehicle Expenses

• Rent

What is the term for costs like petrol or maintenance for vehicles that deliver?

• A) Advertising

• B) Sales Salaries

• C) Delivery Vehicle Expenses

• D) Rent

What is the term for all wages & salaries that are not for sales staff?

• Wages

• Rent

• Electricity

• Insurance

Give two examples of an asset.

• Cash and Inventory

• Liabilities and Equity

• Revenue and Expenses

• Interest and Taxes

What type of expenses relate to selling or distributing items?

• Operating expenses

• Administrative expenses

• Capital expenses

• Research and development expenses

Fill in the blank: Non-current assets are assets that have a useful life for longer than ____.

• 1 financial year.

• 6 months.

• 2 financial years.

• 5 years.

Which of the following is considered a Property Plant & Equipment asset?

• Shares

• Bonds

• Motor Vehicle

• Cash

What is accounts payable? Fill in the blank: Accounts payable is where a business owes a supplier for goods or services provided. This transaction involves your business receiving the goods but has 30 days to pay for it.

• Accounts payable is where a business owes a supplier for goods or services provided.

• Accounts payable is where a business lends money to a supplier.

• Accounts payable is where a business receives payment from a customer.

• Accounts payable is where a business invests in a supplier's company.

Which of the following best describes a non-current liability?

• A liability that is due within 12 months.

• A liability that is due after 12 months.

• A liability that is considered an asset.

• A liability that is considered revenue.