Preliminary course. Classify each of the following accounts as an asset, liability, equity, revenue or expense. a Sales. b Cost of goods sold. c Accounts receivable. Lease. e Mortgage loan. f Inventory or stock. g Advertising. Interest paid on loans. Bank overdraft. j Company car. k Equipment. Land and buildings. m Owners' capital. Accounts payable. Tax on net profit. p Telephone. q Accountant's fees. Wages. Cash. Insurance. Retained profits. Debentures.
Preliminary course. Classify each of the following accounts as an asset, liability, equity, revenue or expense. a Sales. b Cost of goods sold. c Accounts receivable. Lease. e Mortgage loan. f Inventory or stock. g Advertising. Interest paid on loans. Bank overdraft. j Company car. k Equipment. Land and buildings. m Owners' capital. Accounts payable. Tax on net profit. p Telephone. q Accountant's fees. Wages. Cash. Insurance. Retained profits. Debentures.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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