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Introducing new Paper mode
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15 questions
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- Multiple ChoicePlease save your changes before editing any questions.
Cash at Bank is recorded on Balance sheet as
Current Asset
Current Liability
- Multiple ChoicePlease save your changes before editing any questions.
The Accounting Equation is
Assets = Liabilities + Owners Equity
Revenue - Expenses = Profit
- Multiple ChoicePlease save your changes before editing any questions.
A Building would be classified as
Non Current Liability
Non Current Asset
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A Mortgage on a Building is a
Non Current Liability
Capital
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Any money that an owner contributes to a business is
Capital
A loan
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Accounts Receivable are a
Current Asset
Current Liability
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Accounts Payable are a
Current Liability
Non Current Liability
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Wages are an
Account Payable
Expense
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Calculation to determine Profit
Revenue - Expenses
Assets - Liabilities
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Assets, Liabilities and Owners Equity are recorded on
Balance Sheet
Income Statement
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A delivery van would be considered
Non Current Liability
Non Current Asset
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Revenue and Expenses are recorded on
Income Statement
Balance Sheet
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Sales are recorded on the Income Statement as
Revenue
Expense
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Insurance is recorded on Income Statement as
Liability
Expense
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Any money held by the business is known in accounting terms as
Cash at Bank
Money