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Level 1 Accounting

Classification of Accounts

QuestionAnswer
Cash Current Asset
Accountancy Fees Administrative Expense
Customs Duty Cost of Sales Expense
Drawings (Equity)
Loan Non Current Liability
Goodwill Intangible Asset
Shop Fittings Property, Plant and Equipment
Accounts Receivable Current Asset
Bank Overdraft Current Liability
Term Deposit Investments
Office Wages Administrative Expense
Bank Current Asset
Mortgage Non Current Liability
Interest Received Other Income
Dividends Received Other Income
Rent Received Other Income
Commission Received Other Income
Sales Income
Fees Income
Sales Returns (Income)
Advertising Distribution Costs
Sales Salaries/Wages Distribution Costs
Vehicle Expenses Distribution Costs
Shop Electricity Distribution Costs
Shop Rent Distribution Costs
Delivery Expenses Distribution Costs
Depreciation on Shop Fittings Distribution Costs
Depreciation on Vehicles Distribution Costs
Office Salaries/Wages Administrative Expenses
Rent Administrative Expenses
Insurance Administrative Expenses
Depreciation on Office Equipment Administrative Expenses
Depreciation on Buildings Administrative Expenses
Telephone Administrative Expenses
Interest on Overdraft Finance Costs
Interest on Loan Finance Costs
Interest on Mortgage Finance Costs
Capital Equity
Inventory Current Asset
Vehicle Property, Plant and Equipment
Land and Buildings Property, Plant and Equipment
Office Equipment Property, Plant and Equipment
Plant and Machinery Property, Plant and Equipment
Shares Investments
Accounts Payable Current Liability
GST Payable Current Liability
Debentures Investments
Mortgage Non Current Liability
Hire Purchase Non Current Liability