Classifications of Financial Elements

Question 1

Sales

Answer 1

revenue/income

Question 2

Fees

Answer 2

revenue/income

Question 3

Commission Received

Answer 3

other income

Question 4

Gain on sale of a fixed asset

Answer 4

other income

Question 5

Interest Received

Answer 5

other income

Question 6

Dividends Received

Answer 6

other income

Question 7

Rent Received

Answer 7

other income

Question 8

Discount Received

Answer 8

other income

Question 9

Advertising

Answer 9

distribution expense

Question 10

Cartage Outwards

Answer 10

distribution expense

Question 11

Commision

Answer 11

distribution expense

Question 12

Delivery Expenses

Answer 12

distribution expense

Question 13

Depreciation on shop fittings

Answer 13

distribution expense

Question 14

Depreciation on delivery vehicles

Answer 14

distribution expense

Question 15

Freight Outwards

Answer 15

distribution expense

Question 16

Repairs on delivery vehicles

Answer 16

distribution expense

Question 17

Repairs and maintenance

Answer 17

distribution expense

Question 18

Sales wages and salaries

Answer 18

distribution expense

Question 19

Traveling expenses

Answer 19

distribution expense

Question 20

Loss on sale of distribution asset

Answer 20

distribution expense

Question 21

Accounting Fees

Answer 21

Administrative Expenses

Question 22

Audit Fees

Answer 22

Administrative Expenses

Question 23

Depreciation

Answer 23

Administrative Expenses

Question 24

Electricity

Answer 24

Administrative Expenses

Question 25

General Expences

Answer 25

Administrative Expenses

Question 26

Insurance

Answer 26

Administrative Expenses

Question 27

Office Expenses

Answer 27

Administrative Expenses

Question 28

Postage

Answer 28

Administrative Expenses

Question 29

Printing

Answer 29

Administrative Expenses

Question 30

Rates

Answer 30

Administrative Expenses

Question 31

rent

Answer 31

Administrative Expenses

Question 32

Repairs and Maintenance

Answer 32

Administrative Expenses

Question 33

Salaries

Answer 33

Administrative Expenses

Question 34

Stationary

Answer 34

Administrative Expenses

Question 35

Telephone and Tolls

Answer 35

Administrative Expenses

Question 36

Vehicle Expenses

Answer 36

Administrative Expenses

Question 37

Wages

Answer 37

Administrative Expenses

Question 38

Donations

Answer 38

Administrative Expenses

Question 39

Loss on Sale of Asset

Answer 39

Administrative Expenses

Question 40

Equipment

Answer 40

Property Plant Equipment

Question 41

Buildings

Answer 41

Property Plant Equipment

Question 42

Property

Answer 42

Property Plant Equipment

Question 43

Vehicles

Answer 43

Property Plant Equipment

Question 44

Plant (Machinery)

Answer 44

Property Plant Equipment

Question 45

Interest on Loan

Answer 45

Financial Expenses

Question 46

Interest on Overdraft

Answer 46

Financial Expenses

Question 47

Interest on hire purchase

Answer 47

Financial Expenses

Question 48

Bank, if a positive balance

Answer 48

Current Asset

Question 49

Petty Cash

Answer 49

Current Asset

Question 50

Accounts receivable

Answer 50

Current Asset

Question 51

prepayments

Answer 51

Current Asset

Question 52

Accrued Revenue

Answer 52

Current Asset

Question 53

Closing Inventories

Answer 53

Current Asset

Question 54

Shares in other companies

Answer 54

Investment Asset

Question 55

Long term monies held in investment accounts

Answer 55

Investment Asset

Question 56

Debrntures

Answer 56

Investment Asset

Question 57

Goodwill

Answer 57

Intangible Asset

Question 58

Patents

Answer 58

Intangible Asset

Question 59

Royalties

Answer 59

Intangible Asset

Question 60

Research

Answer 60

Intangible Asset

Question 61

Development Costs

Answer 61

Intangible Asset