FABM Chapter 5 Asset, expense or withdrawal Flashcards
1
Q
Payment for loans payable
A
Asset
2
Q
Payment for the purchase of building
A
Asset
3
Q
Collection of interest income
A
Asset
4
Q
Payment for fund withdrawal of the business owner
A
Asset
5
Q
Payment for rent of the office building
A
Expense
6
Q
Payment for rental for the next three months
A
Expense
7
Q
Payment for accrued interest liability
A
Expense
8
Q
Accrued and unpaid salaries of employee
A
N/A
9
Q
Exchange of land asset for a machinery asset
A
N/A
10
Q
The owner took goods from the business for his personal consumption
A
N/A
11
Q
Newly born animal offspring
A
Asset
12
Q
Accrued and unpaid interest on borrowing of clients
A
N/A
13
Q
Accrued and unpaid interest on borrowings of the business
A
N/A
14
Q
Theft of several goods in the business premises
A
Expense
15
Q
Sale of 10,000 goods for 7,000 each
A
Asset
