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Classifying financial items

Tools

In this exercise you will match items with their appropriate classifications in the statement of financial performance for a trader or statement of financial position.

A	B
Inventory	Current Assets
Accounts Receivable	Current Assets
Accounts Payable	Current Liabilities
GST Payable	Current Liabilities
Petty Cash	Current Assets
Bank Overdraft	Current Liabilities
Mortgage	Non-current Liabilities
Vehicles	Fixed Assets
Goodwill	Intangibles
Shares in ABC Ltd	Investments
Drawings	Owner's Equity
Capital	Owner's Equity
Purchases	Cost of Goods Sold
Freight-in	Cost of Goods Sold
Freight-out	Selling and Distribution Expense
Salespersons' Commission	Selling and Distribution Expenses
Accountancy Fees	Administrative Expenses
Insurance	Administrative Expenses
Discount Received	Other Revenue
Discount Allowed	Financial Expenses
Bank	Current Assets
Prepayments	Current Assets
Accrued Expenses	Current Liabilities
Accrued Revenue	Current Assets
Revenue in Advance	Current Liabilities
Office Rent	Administrative Expenses
Purchase Returns	Cost of Goods Sold
Sales	Revenue
Commission	Selling and Distribution Expenses
Bad Debts	Financial Expenses
Term Loan	Non-current Liabilities
Net Profit	Owner's Equity
Equipment	Fixed Assets
Depreciation on Van	Selling and Distribution Expenses
Depreciation on Computer	Administrative Expenses
Shop Fittings	Fixed Assets
Depreciation on Shop Fittings	Selling and Distribution Expenses

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