Classifying items Flashcards
1
Q
Inventory of Supplies
A
Current Asset
2
Q
Bank/Cash in Bank
A
Current Asset
3
Q
Loan
A
Current Loan
4
Q
Accounts Recievable
A
Current Asset
5
Q
Accounts Payable
A
Current Liability
6
Q
Capital
A
Owners Equity
7
Q
Equipment
A
Non-Current Asset
8
Q
Bank (overdraft)
A
Current Liability (Overdraft=negatives)
9
Q
Vehicle
A
Non-Current Asset
10
Q
Premises
A
Non-Current Asset
11
Q
Mortgage
A
Most of the time split into Non-Current and Current Liability
12
Q
Drawings
A
(Owners Equity) =negative owners equity
Owner taking cash out of the business
13
Q
Shop Fittings
A
Non-Current Asset
