Question

Classify the given items into assets, liabilities, capital, revenue and
expense.
i. Stock-in-hand
ii. Rent Paid
iii. Advertising
iv. Creditors
v. Outstanding Expense (rent)
vi. Interest Received
vii. Capital Introduced
viii. Furniture and Fittings
ix. Insurance Premium Prepaid
x. Commission Received in Advance
xi. Debtors
xii. Dividend Received
xiii. Cash at bank
xiv. Salaries Paid
xv. Discount Received
xvi. Land and Building

Answer 1

1. Capital
2. expense
3. expense
4. liability
5. expense
6. revenue
7. capital
8. expense
9. expense
10. revenue
11. liability
12. revenue
13. capital
14. expense
15. revenue(I am not sure about this one)
16. assets