Is it Asset (A), Liability (L), Owner’s, Equity (OE), Revenue (R), or an Expense (E).

Question 1

Furniture and Fittings

Answer 1

Asset

Question 2

Accounts Payable

Answer 2

Expense

Question 3

Cash at the Bank

Answer 3

Asset

Question 4

Motor vechicle

Answer 4

Asset

Question 5

Inventories

Answer 5

Asset

Question 6

Bad Debt

Answer 6

Expense

Question 7

Bank Overdraft

Answer 7

Liability

Question 8

Creditors

Answer 8

Revenue

Question 9

Bank fees

Answer 9

Expense

Question 10

Wages

Answer 10

Expense

Question 11

Buildings

Answer 11

Asset

Question 12

Advertising

Answer 12

Expense

Question 13

Government bonds

Answer 13

Expense

Question 14

Interest recieved

Answer 14

Revenue

Question 15

Accounts Recievable

Answer 15

Revenue

Question 16

Insurance

Answer 16

Expense

Question 17

Rent recieved

Answer 17

Revenue

Question 18

Loan to P Boatly

Answer 18

Liability

Question 19

Capital

Answer 19

Owner’s Equity

Question 20

Shares in AMP

Answer 20

Asset

Question 21

Electricity

Answer 21

Expense

Question 22

Rates

Answer 22

Not sure

Question 23

Computer Equipment

Answer 23

Asset

Question 24

Interest Paid

Answer 24

Expense

Question 25

Loan from T Sanders

Answer 25

Liabilty

Question 26

P Burrows who owes us money

Answer 26

Asset ??

Question 27

Merchandise

Answer 27

Asset

Question 28

Telephone

Answer 28

Expense

Question 29

Debtors

Answer 29

asset

Question 30

Drawings

Answer 30

Owner’s Equity

Question 31

Mortage on Land

Answer 31

Liability

Question 32

Petty Cash

Answer 32

??

Question 33

S Sanderson who we owe money to

Answer 33

Liability

Question 34

Stock

Answer 34

Asset