- 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.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is