Activity 1: Types of Accounts (easier)

For each of the questions below, choose whether the account is an asset. liability, expense, revenue or ownership equity. There is only one correct answer for each.

1) Purchases
a) Asset
b) Liability
c) Expense
d) Ownership Equity

2) Postage
a) Revenue
b) Liability
c) Expense
d) Asset

3) Travel and Accommodation
a) Asset
b) Expense
c) Liability
d) Ownership Equity

4) Debtors
a) Expense
b) Asset
c) Liability
d) Ownership Equity

5) Bank
a) Asset
b) Revenue
c) Liability
d) Ownership Equity

6) Stock inventory:
a) Asset
b) Liability
c) Expense
d) Ownership Equity

7) Rent Received
a) Revenue
b) Asset
c) Liability
d) Expense

8) Bank Loan
a) Asset
b) Ownership Equity
c) Liability
d) Expense

9) Sales
a) Asset
b) Expense
c) Liability
d) Revenue

10) Salaries
a) Expense
b) Liability
c) Revenue
d) Ownership Equity

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