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  • Exercise3 Tanacio-BasicAccounting

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    Lerry Ann
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    This document provides a list of account types and asks the reader to identify whether each account is an asset, liability, expense, revenue, or ownership equity. It provides the correct identification for each account type, with assets including fixtures and fittings at cost, motor vehicles at cost, premises at cost, stock, and bank account. Liabilities include bank loan and creditors. Expenses include depreciation, electricity and gas, insurance, postage, printing, repairs and renewals, salaries, and stationery. Revenues include donations received, fundraising income, interest earned, rent received, sales, sponsorship receipts.

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    Exercise3_Tanacio-BasicAccounting

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    This document provides a list of account types and asks the reader to identify whether each account is an asset, liability, expense, revenue, or ownership equity. It provides the correct identification for each account type, with assets including fixtures and fittings at cost, motor vehicles at cost, premises at cost, stock, and bank account. Liabilities include bank loan and creditors. Expenses include depreciation, electricity and gas, insurance, postage, printing, repairs and renewals, salaries, and stationery. Revenues include donations received, fundraising income, interest earned, rent received, sales, sponsorship receipts.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
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    10 views2 pages

    Exercise3 Tanacio-BasicAccounting

    Uploaded by

    Lerry Ann
    This document provides a list of account types and asks the reader to identify whether each account is an asset, liability, expense, revenue, or ownership equity. It provides the correct identification for each account type, with assets including fixtures and fittings at cost, motor vehicles at cost, premises at cost, stock, and bank account. Liabilities include bank loan and creditors. Expenses include depreciation, electricity and gas, insurance, postage, printing, repairs and renewals, salaries, and stationery. Revenues include donations received, fundraising income, interest earned, rent received, sales, sponsorship receipts.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Exercise 3

    Account Types
    For each of the accounts below, indicate whether it is an asset, liability, expense, revenue or
    ownership equity type of account. There is only one correct answer in each case. Mark your
    choice with a tick.

    Account Asset Liability Expense Revenue Ownership

    Insurance ✓
    Bank Charges ✓
    Bank Loan ✓
    Telephones ✓
    Cleaning ✓
    Creditors ✓
    Donations Received ✓
    Debtors ✓
    Depreciation ✓
    Electricity and Gas ✓
    Fixtures and Fittings at Cost ✓
    Fundraising Income ✓
    Provision for Depreciation on ✓
    Fixtures and Fittings
    Interest Earned ✓
    Interest Paid ✓
    Motor Vehicles at Cost ✓
    Postage ✓
    Premises at Cost ✓
    Printing ✓
    Provision for Depreciation on Motor ✓
    Vehicles
    Bad Debts ✓
    Purchases ✓
    Rent Received ✓
    Repairs and Renewals ✓
    Salaries ✓
    Sales ✓
    Sponsorship Receipts ✓
    Stationery ✓
    Stock ✓

    606035906.doc 1
    Government Grant Received ✓
    Bank A/c ✓

    606035906.doc 2

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