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

Rent Received

Answer 6

Other Income

Question 7

Discount Received

Answer 7

Other Income

Question 8

Dividends Received

Answer 8

Other Income

Question 9

Advertising

Answer 9

Distribution Cost

Question 10

Cartage Outwards

Answer 10

Distribution Cost

Question 11

Commission

Answer 11

Distribution Cost

Question 12

Delivery Expenses

Answer 12

Distribution Cost

Question 13

Depreciation on Shop Fittings

Answer 13

Distribution Cost

Question 14

Depreciation on Delivery Vehicles

Answer 14

Distribution Cost

Question 15

Freight Outwards

Answer 15

Distribution Cost

Question 16

Repairs to Delivery Vehicles

Answer 16

Distribution Cost

Question 17

Repairs and Maintenance (Shop Fittings)

Answer 17

Distribution Cost

Question 18

Sales Wages and Salaries

Answer 18

Distribution Cost

Question 19

Travelling Expenses

Answer 19

Distribution Cost

Question 20

Loss on Sale of Distribution Assets

Answer 20

Distribution Cost

Question 21

Accounting Fees

Answer 21

Administration Expenses

Question 22

Audit Fees

Answer 22

Administration Expenses

Question 23

Depreciation (other than Shop Fitting or Delivery Vehicles)

Answer 23

Administration Expenses

Question 24

Electricity

Answer 24

Administration Expenses

Question 25

General Expenses

Answer 25

Administration Expenses

Question 26

Insurance

Answer 26

Administration Expenses

Question 27

Office Expenses

Answer 27

Administration Expenses

Question 28

Postage

Answer 28

Administration Expenses

Question 29

Printing

Answer 29

Administration Expenses

Question 30

Rates

Answer 30

Administration Expenses

Question 31

Rent

Answer 31

Administration Expenses

Question 32

Repairs and Maintenance (other than to Shop Fittings or Delivery Vehicles)

Answer 32

Administration Expenses

Question 33

Office Salaries

Answer 33

Administration Expenses

Question 34

Stationary

Answer 34

Administration Expenses

Question 35

Telephone and Tolls

Answer 35

Administration Expenses

Question 36

Vehicle Expenses (other than Delivery Vehicles)

Answer 36

Administration Expenses

Question 37

Office Wages

Answer 37

Administration Expenses

Question 38

Donations

Answer 38

Administration Expenses

Question 39

Loss on Sale of Asset

Answer 39

Administration Expenses

Question 40

Interest on Loan

Answer 40

Financial Expenses

Question 41

Interest on Overdraft

Answer 41

Financial Expenses

Question 42

Interest on Hire Purchases

Answer 42

Financial Expenses

Question 43

Bank (if a positive balance)

Answer 43

Current Asset

Question 44

Petty Cash

Answer 44

Current Asset

Question 45

Accounts Receivable

Answer 45

Current Asset

Question 46

Prepayments

Answer 46

Current Asset

Question 47

Accrued Revenue

Answer 47

Current Asset

Question 48

Closing Inventories

Answer 48

Current Asset

Question 49

Property, Plant and Equipment (e.g. Equipment, Buildings, Property, Vehicles, Plant (Machinery)

Answer 49

Non-Current Asset

Question 50

Investments (e.g. Shares in other companies, Long term monies held in investment accounts, Debentures)

Answer 50

Non-Current Asset

Question 51

Intangible Assets (e.g. Goodwill, Patents, Royalties, Research and Development costs)

Answer 51

Non-Current Asset

Question 52

Bank Overdraft

Answer 52

Current Liability

Question 53

Accounts Payable

Answer 53

Current Liability

Question 54

Accrued Expenses

Answer 54

Current Liability

Question 55

Revenue Received in Advance

Answer 55

Current Liability

Question 56

Loans - the current position (i.e., those who will be paid back within the next Accounting Period

Answer 56

Current Liability

Question 57

GST

Answer 57

Current Liability

Question 58

Loans (Those that extend beyond the next Accounting Period)

Answer 58

Non-Current Liability

Question 59

Hire Purchase of Property, Plant and Equipment

Answer 59

Non-Current Liability

Question 60

Mortgages (loans over property)

Answer 60

Non-Current Liability

Question 61

Debentures (monies borrowed from external sources, that have a set interest rate and will be paid back after the time limit has expired)

Answer 61

Non-Current Liability