- Classify the following list of items as: revenue/expense/current asset/non-current asset/current liability/non-current liability/capital1. a machine for manufacturing widgets2. bill of air conditioning used in a factory3. sales of 1,000 widgets for cash to Mr Mohammad, a customer4. £3,000 borrowed from the bank5. a heap of metal on the yard, to be used for manufacturing widgets6. £4,000 owed to Pyron Ltd for the metal in item 57. a Toyota Lexus car, used by an employee, but owned by his/her employer, Yen Ltd8. £10,000 of personal savings used by someone starting up a business.
- Classify the following list of items as: revenue/expense/current asset/non-current asset/current liability/non-current liability/capital1. a machine for manufacturing widgets2. bill of air conditioning used in a factory3. sales of 1,000 widgets for cash to Mr Mohammad, a customer4. £3,000 borrowed from the bank5. a heap of metal on the yard, to be used for manufacturing widgets6. £4,000 owed to Pyron Ltd for the metal in item 57. a Toyota Lexus car, used by an employee, but owned by his/her employer, Yen Ltd8. £10,000 of personal savings used by someone starting up a business.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Classify the following list of items as: revenue/expense/current asset/non-current asset/current liability/non-current liability/capital
1. a machine for manufacturing widgets
2. bill of air conditioning used in a factory
3. sales of 1,000 widgets for cash to Mr Mohammad, a customer
4. £3,000 borrowed from the bank
5. a heap of metal on the yard, to be used for manufacturing widgets
6. £4,000 owed to Pyron Ltd for the metal in item 5
7. a Toyota Lexus car, used by an employee, but owned by his/her employer, Yen Ltd
8. £10,000 of personal savings used by someone starting up a business.
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