Classify into assets, liabilities, capital, revenue and expense. [10]
1. Stock-in-hand
2. Rent Paid
3. Advertising
4. Creditors
5. Outstanding Expense (rent)
6. Interest Received
7. Capital Introduced
8. Furniture and Fittings
9. Insurance Premium Prepaid
10. Commission Received in Advance
11. Debtors
12. Dividend Received
13. Cash at bank
14. Salaries Paid
15. Discount Received
16. Land and Building
17. Bank Loan
18. Bank Overdraft
19. Wages
20. Bills receivable
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Answer:
1 asset
2 expense
3 expense
4 liabiltity
5 liabilty
6 revenue
7 capital
8 assets
9 asset
10 liability
11 asset
12 revenue
13 asset
14 expense
15 income
16 asset
17 liabilty
18 liabilty
19 expense
20 assets
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