Activity 2: Types of Accounts (harder)

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) Provision for Depreciation on Motor Vehicles is:

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

2) In a non-profit organisation, Accumulated Members Funds is:

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

3) Provision for Bad Debts is:

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

4) Depreciation on Office Equipment is:

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

5) Share Capital is:

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

6) Goodwill is:

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

7) Bad Debts is:

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

8) An Investment A/c is

a) Asset
b) Ownership Equity
c) Revenue
d) Expense

9) Income from Investments is:

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

10) Provision for Taxation is:

a) Expense
b) Liability
c) Revenue

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