Chapter 2 Classification of account balances 0.0 / 5 ? AccountingBook keepingUniversityOther Created by: Tom SamuelsCreated on: 02-02-17 20:25 What is ACED Assets, Cost, Expenses, Liabilities(DEBITS) 1 of 6 What is CLI? Capital, Liabilities, Income(CREDITS) 2 of 6 Costs Expenditure associated with making or buying goods for resale 3 of 6 Expenses Expenditure associated with day to day running of the business 4 of 6 Drawings monies taken from a business by its owner(S) 5 of 6 Income Earned by the business from trading or non-trading activities 6 of 6
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