PART 1 (IDENTIFYING THE ACCOUNT) Tell whether the account stated is Asset, Liability, Capital, Revenue or Expense.
1. Peter borrowed money from John to buy new pair of shoes. What do you call the money received by Peter?
2. Peter borrowed money from John to buy new laptop that he’s using for his online selling business. What do you call the laptop bought by Peter?
3. Peter rendered service to John by repairing John’s house. What do you call the service rendered by Peter?
4. Peter bought new cars for the reason of reselling the same to his costumers. What do you call the car purchase by Peter?
5. Peter bought new car as a donation for his employee. What do you call the car purchase by Peter?
6. John earned interest from his savings in the bank. What do you call the interest earned by John?
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Introdution to Accounting
RandomCalling the attention of all aspirant soon to be CPA'S and any other related courses to stop by and read this book. This is a taglish book for better understanding of explanations. Read in order to learn. Listen in order to understand. So what ar...
