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Acc030 Classification Exercise

This document provides an overview of account classifications for assets, liabilities, and equity as well as revenues and expenses. Assets are classified as non-current assets such as land, buildings, equipment, and vehicles or current assets like cash, accounts receivable, and inventories. Liabilities include non-current liabilities like long term loans and current liabilities like short term loans, overdrafts, and accounts payable. Owner's equity represents the capital contributed by the owners. Revenues come from sources like sales, rent, interest, dividends, and commissions while expenses are items like wages, purchases, utilities, and depreciation.

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368 views2 pages

Acc030 Classification Exercise

This document provides an overview of account classifications for assets, liabilities, and equity as well as revenues and expenses. Assets are classified as non-current assets such as land, buildings, equipment, and vehicles or current assets like cash, accounts receivable, and inventories. Liabilities include non-current liabilities like long term loans and current liabilities like short term loans, overdrafts, and accounts payable. Owner's equity represents the capital contributed by the owners. Revenues come from sources like sales, rent, interest, dividends, and commissions while expenses are items like wages, purchases, utilities, and depreciation.

Uploaded by

Aqilah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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TUTORIAL 1: ACCOUNT CLASSIFICATION

ASSETS LIABILITIES
NON-CURRENT ASSETS NON-CURRENT LIABILITIES
Land Long Term Loan
Building Mortgage on Loan
Office equipment
Motor Vehicles
Furniture & Fitting CURRENT LIABILITIES
Property, plant, and equipment Short term loan
Fixtures & Fitting Bank Overdraft
Computers Accounts Payable
Premises

CURRENT ASSETS OWNER’S EQUITY


Cash at bank Capital
Cash in hand Drawings
Accounts Receivables
Inventories

EXPENSES REVENUE
Discount Allowed Commission received
Insurance Rent received
Delivery expenses Interest received
Return Outward Dividend received
Utilities Sales
Advertising Discount received
Travelling expenses
General expenses
Postage
Printing and stationery
Sundry expenses
Repair and maintenance
Wages and salary
Purchases
Return Inwards
Depreciation
Property, plant and equipment / Office equipment /

Accounts Receivables / Computers /

Delivery expenses / Inventories /

Furniture & Fittings / Land /

Commission received / Cash in hand /

Cash at bank / Fixtures & Fitting /

Premises / Interest received /

Motor Vehicles / Building /

Depreciation / Short term loan /

Dividend received / Rent received /

Drawings / Wages and salary /

Insurance / Mortgage on Loan /

Sales / Long Term Loan /

Discount received / Bank Overdraft /

Advertising / Capital /

Accounts Payable / Purchases /

Return Outward / Return Inwards /

Travelling expenses / Repair and maintenance /

General expenses / Printing and stationery /

Utilities / Discount Allowed /

Postage / Sundry expenses /

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