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asset,liability,revenue,expense,equity exercise

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Asset / Liability / Expense / Revenue / Equity exercise: For each of the accounts below, determine if it is an asset, liability, expense, revenue or equity type of account. There is only one correct answer in each case. Mark your choice with a tick. Account Asset Liability Expense Revenue Equity Insurance Bank Charges Bank Loan Telephones Cleaning Accounts Payable Accounts Receivable Depreciation Electricity and Gas Fixtures and Fittings at Cost 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

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Set of Accounting Exercises for Asset, Liability, Revenue, Expense, Equity

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Asset / Liability / Expense / Revenue / Equity exercise:For each of the accounts below, determine if it is an asset, liability, expense, revenue or equity type of account. There is only one correct answer in each case. Mark your choice with a tick.

Account AssetLiabilityExpenseRevenueEquity

Insurance(((((

Bank Charges(((((

Bank Loan(((((

Telephones(((((

Cleaning(((((

Accounts Payable(((((

Accounts Receivable(((((

Depreciation(((((

Electricity and Gas(((((

Fixtures and Fittings at Cost(((((

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(((((

Stationery(((((

Inventory(((((

Government Grant Received(((((

Cash in bank(((((

Double Entry Bookkeeping principlesFor each of the scenarios below, indicate whether the affect will result in a debit or credit of the type of account (indicated in bold).

Scenario DebitCredit

If an asset is increasing((

If a liability is decreasing((

If an expense is increasing ((

If a revenue is decreasing((

If an ownership equity account is increasing((

If an asset is decreasing((

If a liability is increasing((

If an expense is decreasing((

If a revenue is increasing((

If an ownership equity account is decreasing((

For each of the scenarios below, indicate whether the affect will result in a debit or credit of the type of account (indicated in bold).

Scenario IncreasingDecreasing

If you receive a telephone bill, is your expense increasing or decreasing?((

If you pay salaries, is your expense increasing or decreasing?((

If you purchase a motor vehicle, is your asset value increasing or decreasing?((

If you take out a bank loan, is your liability increasing or decreasing?((

If you refund fees paid by a customer is your revenue increasing or decreasing?((

If you sell a motor vehicle is your asset value increasing or decreasing?((

If you are informed that your last insurance bill was overstated and that you will receive a credit, is your expense increasing or decreasing?((

If you receive notification from the bank that you have been charged bank fees, is your asset (the bank account) increasing or decreasing?((

If you write off an amount owed by a debtor as a bad debt, is your asset (debtors) increasing or decreasing?((


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