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- 1. Multiple Choice
Motor Vehicles
Non-current asset
Current asset
Non-current liability
Current liability
- 2. Multiple Choice
Machinery
Non-current asset
Current asset
Non-current liability
Current liability
- 3. Multiple Choice
Office equipment
Non-current asset
Current Asset
Non-current liability
Current liability
- 4. Multiple Choice
Land and building
Non-current asset
Current asset
Non-current liability
Current liability
- 5. Multiple Choice
Fixtures and fittings
Non-current assets
Current assets
Non-current liabilities
Current liabilities
- 6. Multiple Choice
Property
Non-current asset
Current asset
Non-current liability
Current liability
- 7. Multiple Choice
Inventory
Non-current asset
Current asset
Non-current liability
Current liability
- 8. Multiple Choice
Trade Receivables
Non-current asset
Current asset
Non-current liability
Current liability
- 9. Multiple Choice
Cash at bank
Non-current asset
Current asset
Non-current liability
Current liability
- 10. Multiple Choice
Cash in hand
Non-current asset
Current asset
Non-current liability
Current liability
Income
- 11. Multiple Choice
Prepaid expenses
Expense in Statement of Financial Performance
Income in Statement of Financial Performance
Current asset in Statement of Financial Position
Current liability in Statement of Financial Position
- 12. Multiple Choice
Other receivables
Non-current asset
Current asset
Non-current liability
Current liability
- 13. Multiple Choice
Income receivables / Accrued Income
e.g. Rent Income Receivable
Income in Statement of Financial Performance
Expense in Statement of Financial Performance
Current asset in Statement of Financial Position
Current liability in Statement of Financial Position
- 14. Multiple Choice
Bank loan (Long Term Borrowings)
Non-current asset
Current asset
Non-current liability
Current liability
- 15. Multiple Choice
Mortgage
Non-current asset
Current asset
Non-current liability
Current liability
- 16. Multiple Choice
Trade payables (i.e. arising from credit purchase of inventory)
Non-current asset
Non-current liability
Current asset
Current liability
- 17. Multiple Choice
Current portion of long term borrowings
Current asset
Current liability
Non-current asset
Non-current liability
- 18. Multiple Choice
Loan to employee (Business lends money to worker)
Current asset in Statement of Financial Position
Current liability in Statement of Financial Position
Expense In Statement of Financial Performance
Income in Statement of Financial Performance
- 19. Multiple Choice
Bank Overdraft (Short Term Borrowings)
Current asset
Current liability
Non-current asset
Non-current liability
- 20. Multiple Choice
Other payables (e.g. arising from credit purchase of non-current assets)
Current asset
Current liability
Non-current asset
Non-current liability
- 21. Multiple Choice
Accrued expenses / Expenses owing
Expense in Statement of Financial Performance
Income in Statement of Financial Performance
Current asset in Statement of Financial Position
Current liability in Statement of Financial Position
- 22. Multiple Choice
Income payable / Income received in advance
Current asset in Statement of Financial Position
Current liability in Statement of Financial Position
Expense in Statement of Financial Performance
Income in Statement of Financial Performance
- 23. Multiple Choice
Drawings
Asset in Statement of Financial Position
Liability in Statement of Financial Position
Income in Statement of Financial Performance
Expense in Statement of Financial Performance
Equity (i.e. Negative Equity) in Balance Sheet
- 24. Multiple Choice
Capital
Asset
Liability
Equity
Income
Expense
- 25. Multiple Choice
Profit or Loss for the year
Income in Statement of Financial Performance
Expense in Statement of Financial Performance
Equity in Statement of Financial Position
Asset in Statement of Financial Position
Liability in Statement of Financial Position
- 26. Multiple Choice
Goods for resale
Current asset
Current liability
Income
Expense
- 27. Multiple Choice
Repairs and maintenance
Expense
Income
Asset
Liability
Equity
- 28. Multiple Choice
Salary and wages paid to workers
Expense
Income
Asset
Liability
Equity
- 29. Multiple Choice
Rent income
Expense
Income
Asset
Liability
Equity
- 30. Multiple Choice
Commission Income / Received
Asset
Liability
Equity
Income
Expense
- 31. Multiple Choice
Commission paid
Current asset in Statement of Financial Position
Current liability in Statement of Financial Position
Equity in Statement of Financial Position
Income in Statement of Financial Performance
Expense in Statement of Financial Performance
- 32. Multiple Choice
Advertising
Asset
Liability
Income
Expense
Equity
- 33. Multiple Choice
Stationery
Asset
Liability
Income
Expense
Equity
- 34. Multiple Choice
Petty Cash
Current asset
Current liability
Income
Expense
Equity
- 35. Multiple Choice
Discount allowed (Cash discount allowed to Trade Receivables to encourage early / prompt payment)
Expense
Income
Asset
Liability
Equity
- 36. Multiple Choice
Discount received (cash discount received from trade payables for prompt / early payment)
Asset
Liability
Income
Expense
Equity
- 37. Multiple Choice
Prepaid stationery (i.e. unused stationery)
Current asset in Statement of Financial Position
Current liability in Statement of Financial Position
Expense in Statement of Financial Performance
Income in Statement of Financial Performance
Equity
- 38. Multiple Choice
Utilities (i.e. light, water, electricity)
Current asset
Current liability
Income
Expense
Equity
- 39. Multiple Choice
Carriage on sales / Freight charges / delivery charges / transportation charges
Asset
Liability
Income
Expense
Capital
- 40. Multiple Choice
Sales revenue
Asset
Liability
Income
Expense
Equity
- 41. Multiple Choice
Cost of sales
Asset
Liability
Income
Expense
Equity
- 42. Multiple Choice
Postage
Asset
Liability
Income
Expense
Equity
- 43. Multiple Choice
Service fee revenue
Asset
Liability
Income
Expense
Equity
- 44. Multiple Choice
Bank charges
Asset
Liability
Income
Expense
Equity
- 45. Multiple Choice
Interest on loan / interest paid
Asset
Liability
Income
Expense
Equity
- 46. Multiple Choice
Interest income / interest received
Asset
Liability
Income
Expense
Equity
- 47. Multiple Choice
Depreciation of non-current assets
Asset
Liability
Income
Expense
Equity
- 48. Multiple Choice
Impairment loss on trade receivables
Asset
Liability
Income
Expense
Equity
- 49. Multiple Choice
Impairment loss of inventory
Asset
Liability
Income
Expense
Equity
- 50. Multiple Choice
Allowance for Impairment of Trade Receivables
negative current asset
negative current liability
income
expense
equity
- 51. Multiple Choice
Donation
Asset
Liability
Income
Expense
Equity
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