Classification Of Accounts

Question 1

What are the 9 non-current assets

Answer 1

-factory
-buildings
-land
-office equipment
-property
-machinery
-motor vehicles
-plant
-fixtures and fittings

Question 2

What are the 4 current assets

Answer 2

-bank
-cash
-trade receivables
-inventory

Question 3

What are the 4 current liabilities

Answer 3

-trade payables
-bank overdrawn
-bank loan
-drawings

Question 4

What are the 5 revenues

Answer 4

-rent received
-bank interest received
-commissions received
-discounts received
-profit on sale of non-current asset

Question 5

What are the 22 expenses

Answer 5

-telephone bill
-salaries
-wages
-insurance
-stationary
-advertising
-heating&lighting
-factory power
-rent paid
-postage
-motor repairs
-office expenses
-printing costs
-loan interest
-bank charges
-business rates
-discount allowed
-fuel
-irrecoverable debts
-loss on sale of non-current asset
-commission payable
-depreciation