LA 2 accounting equation Flashcards
determine whether something is an asset/liability/equity
1
Q
Capital
A
Equity - income
2
Q
Inventory
A
Current asset
3
Q
Salaries and wages
A
Equity - expense
4
Q
Petty cash
A
Current asset
5
Q
Creditors
A
Current liability
6
Q
Repairs and maintenance
A
Equity - expense
7
Q
Fixed deposit
A
Non-current asset
8
Q
Sales
A
Equity - income
9
Q
Bank overdraft
A
Current liability
10
Q
Rates and taxes
A
Equity - expense
11
Q
Furniture
A
Non-current asset
12
Q
Debtor
A
Current asset
13
Q
Interest on fixed deposit
A
Equity - income
14
Q
Water and electricity
A
Equity - expense
15
Q
Land and buildings
A
Non-current asset
16
Q
Fuel
A
Equity - expense
17
Q
Cash float
A
Current asset
18
Q
Telephone
A
Equity - expense
19
Q
Long-term loan
A
Non-current liability
20
Q
Interest on loan
A
Equity - expense
21
Q
Cost of sales
A
Equity - expense
22
Q
Motor vehicles
A
Non-current asset
23
Q
Staff refreshments
A
Equity - expenses
