Asset Classification Flashcards by Jack Keene

Q

Cash at Bank

A

Current Asset

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Q

Inventory

A

Current Asset

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Q

Accounts Receivable

A

Current Asset

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Q

Accrued Income

A

Current Asset

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Q

Prepaid Rent

A

Current Asset

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Q

Prepaid Insurance

A

Current Asset

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Q

Prepaid Advertising

A

Current Asset

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Q

Interest Expense

A

Expense

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Q

Interest Income

A

Income

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Q

Tax Payable

A

Current Liability

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Q

Accounts Payable

A

Current Liability

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Q

Accrued Wages

A

Current Liability

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Q

Capital

A

Equity

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Q

Retained Earnings

A

Equity

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Q

Short Term Debt

A

Current Liability

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Q

Sales

A

Income

Q

Fees

A

Income

Q

Discount Received

A

Income

Q

GST Received/Credits

A

Current Asset

Q

GST Payable

A

Current Liability

Q

Wages

A

Expense

Q

Advertising

A

Expense

Q

Telephone

A

Expense

Q

Loss on sale of asset

A

Expense

Q

Depreciation

A

Expense

Q

Accumulated Depreciation

A

Negative Asset (Contra Asset)

Q

Gain on sale of asset

A

Other Income

Q

Sales Returns

A

Expense

Q

Cost of Sales

A

Expense

Q

Unearned Income

A

Current Liability

Q

Goodwill

A

Non-Current Asset

Q

Property Plant and Equipment

A

Non-Current Asset

Q

Motor Vehicle

A

Non-Current Asset

Q

Investments

A

Non-Current Asset

Q

Marketable Securities

A

Current Asset