Question

Question 2.
Clasify the follwoing into Assets, Liabilities, Capital, Expenses and Revenue:
(i) Land
(ii) Investments
(iii) Building
(iv) Interest Received
(v) Salary
(vi) Bank Overdraft
(vii) Debtors
(viii) Creditors
(ix) Bad Debts
(x) Capital
(xi) Depreciation
(xii) Motor Vehicles
(xiii) Freight
(xiv) Wages
(xv) Goodwill
(xvi) Repairs

Answer 1

Answer:

Explanation:

Asset

Asset

Asset

Revenue

Expense

Liability

Asset

Liability

Expense

Liability

Expense

Asset

Expense

Expense

Asset

Expense

(All the answers are in the same order as the question)

Answer 2

Classification of the following into Assets, Liabilities, Capital, Expenses, and Revenue is as follows:

(i) Land is an Asset

(ii) Investments are Asset

(iii) Building is an Asset

(iv) Interest Received is a Revenue

(v) Salary is an Expense

(vi) Bank Overdraft is a Liability

(vii) Debtors are an Asset

(viii) Creditors are Liability

(ix) Bad Debts are an Expense

(x) Capital is Capital

(xi) Depreciation is an Expense

(xii) Motor Vehicles are Assets

(xiii) Freight is an Expense

(xiv) Wages are Expense

(xv) Goodwill is an Assets

(xvi) Repairs are Expense