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Introduction

Identify which of the following items are assets (fixed or current), liabilities (long or short term), income or expenses or part of the owner's capital: i) Leasehold factory (25 years) - non-current asset ii) Mortgage on the above - non-current liability iii) A leased motor vehicle - short lease an expense; long lease a non-current asset iv) ...read more.

Middle

Amounts owed to suppliers - current liability x) Accumulated depreciation on plant - shown as reduction of non-current asset (not as a liability) xi) A credit bank balance - non-current liability xii) Unpaid tax bill of a sole trader (drawings); of a company (expense) xiii) 12 month guarantee given on products sold - contingent liability xiv) ...read more.

Conclusion

Stock of goods taken by owner for his own use - drawings xx) Part of sale trader's house being used as business office - rental expense/capital introduced xxi) The profit for the year - capital xxii) Loan to an employee - current asset xxiii) The signing of a profitable contract to supply services to a new customer - non recognisable transaction xxiv) A senior employee winning the "Inventor of the Year' title - non recognisable transaction xxv) Substantial costs of staff training - non recognisable transaction ...read more.

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