Classifications of Financial Elements

Question 1

Sales

Answer 1

Revenue/income

Question 2

Fees

Answer 2

revenue/income

Question 3

Commission Received

Answer 3

Other Income

Question 4

Gain on Sale of Asset

Answer 4

Other Income

Question 5

Interest Received

Answer 5

Other Income

Question 6

Rent Received

Answer 6

Other Income

Question 7

Dividends Received

Answer 7

Other Income

Question 8

Discounts Received

Answer 8

Other Income

Question 9

Advertising

Answer 9

Distribution Costs

Question 10

Cartage Outwards

Answer 10

Distribution Costs

Question 11

Commission

Answer 11

Distribution Costs

Question 12

Delivery Expenses

Answer 12

Distribution Costs

Question 13

Depreciation on Shop Fittings

Answer 13

Distribution Costs

Question 14

Depreciation on Delivery Vehicles

Answer 14

Distribution Costs

Question 15

Freight Outwards

Answer 15

Distribution Costs

Question 16

Repairs to Delivery Vehicles

Answer 16

Distribution Costs

Question 17

Repairs to Maintenance

Answer 17

Distribution Costs

Question 18

Sales, Wages, and salaries

Answer 18

Distribution Costs

Question 19

Travelling Expenses

Answer 19

Distribution Costs

Question 20

Loss on sale of distribution asset

Answer 20

Distribution Costs

Question 21

Accountancy Fees

Answer 21

Administrative Expenses

Question 22

Audit Fees

Answer 22

Administrative Expenses

Question 23

Depreciation (Other than shop fittings and or delivery vehicles)

Answer 23

Administrative Expenses

Question 24

Electricity

Answer 24

Administrative Expenses

Question 25

General Expenses

Answer 25

Administrative Expenses

Question 26

Insurance

Answer 26

Administrative Expenses

Question 27

Office Expenses

Answer 27

Administrative Expenses

Question 28

Postage

Answer 28

Administrative Expenses

Question 29

Printing

Answer 29

Administrative Expenses

Question 30

Rates

Answer 30

Administrative Expenses

Question 31

Rent

Answer 31

Administrative Expenses

Question 32

Repairs and Maintenance (other than to Delivery vehicles and Shop fittings

Answer 32

Administrative Expenses

Question 33

Salaries

Answer 33

Administrative Expenses

Question 34

Stationary

Answer 34

Administrative Expenses

Question 35

Telephone and Tolls

Answer 35

Administrative Expenses

Question 36

Wages

Answer 36

Administrative Expenses

Question 37

Donations

Answer 37

Administrative Expenses

Question 38

Loss and sale of an asset

Answer 38

Administrative Expenses

Question 39

Vehicle Expenses (other than Delivery vehicles

Answer 39

Administrative Expenses

Question 40

Interest on Loan

Answer 40

Finance Costs

Question 41

Interest-overdraft

Answer 41

Finance Costs

Question 42

Interest- Hire Purchases

Answer 42

Finance Costs

Question 43

Bank (if a positive balance)

Answer 43

Current Asset

Question 44

Petty Cash

Answer 44

Current Asset

Question 45

Accounts Receivable

Answer 45

Current Asset

Question 46

Prepayments

Answer 46

Current Asset

Question 47

Accrued Revenue

Answer 47

Current Asset

Question 48

Closing Inventories

Answer 48

Current Asset

Question 49

Equipment

Answer 49

Property Plant & Equipment (Non-current asset)

Question 50

Buildings

Answer 50

Property Plant & Equipment (Non-current asset)

Question 51

Property

Answer 51

Property Plant & Equipment (Non-current asset)

Question 52

Vehicles

Answer 52

Property Plant & Equipment (Non-current asset)

Question 53

Plant (Machinery)

Answer 53

Property Plant & Equipment (Non-current asset)

Question 54

Shares in Other Companies

Answer 54

Investment (Non-current asset)

Question 55

Long term monies held in investment accounts

Answer 55

Investment (Non-current asset)

Question 56

Debentures

Answer 56

Investment (Non-current asset)

Question 57

Good Will

Answer 57

Intangible Asset (Non-current asset)

Question 58

Patents

Answer 58

Intangible Asset (Non-current asset)

Question 59

Royalties

Answer 59

Intangible Asset (Non-current asset)

Question 60

Research and Development

Answer 60

Intangible Asset (Non-current asset)