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- 1. Multiple Choice
Cash at Bank is recorded on Balance sheet as
Current Asset
Current Liability
- 2. Multiple Choice
The Accounting Equation is
Assets = Liabilities + Owners Equity
Revenue - Expenses = Profit
- 3. Multiple Choice
A Building would be classified as
Non Current Liability
Non Current Asset
- 4. Multiple Choice
A Mortgage on a Building is a
Non Current Liability
Capital
- 5. Multiple Choice
Any money that an owner contributes to a business is
Capital
A loan
- 6. Multiple Choice
Accounts Receivable are a
Current Asset
Current Liability
- 7. Multiple Choice
Accounts Payable are a
Current Liability
Non Current Liability
- 8. Multiple Choice
Wages are an
Account Payable
Expense
- 9. Multiple Choice
Calculation to determine Profit
Revenue - Expenses
Assets - Liabilities
- 10. Multiple Choice
Assets, Liabilities and Owners Equity are recorded on
Balance Sheet
Income Statement
- 11. Multiple Choice
A delivery van would be considered
Non Current Liability
Non Current Asset
- 12. Multiple Choice
Revenue and Expenses are recorded on
Income Statement
Balance Sheet
- 13. Multiple Choice
Sales are recorded on the Income Statement as
Revenue
Expense
- 14. Multiple Choice
Insurance is recorded on Income Statement as
Liability
Expense
- 15. Multiple Choice
Any money held by the business is known in accounting terms as
Cash at Bank
Money
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