Question

classify the following items into External Liabilities, Internal Liabilities,Wasting Assets, Intangible Assets and Tangible Assets :
creditors, quarries, interest on capital, plant and machinery, mines, patents, reserves, goodwill, bank loan, furniture. ​

Answer 1

Answer:

1. creditors- external liability
2. quarries - tangible assets
3. interest on capital- tangible assets
4. plant and machinery - tangible assets
5. mines - wasting assets
6. patents- intangible assets
7. reserve - internal liability
8. Goodwill - intangible assets
9. bank loan - external liabilities
10. furniture - tangible assets