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6. What would cash in the business bank account be classified as?
7. What are stocks classified as?
8. What would debtors be classified as?
9. Which of the following is a liability of a firm?
- Money owed by a debtor
- Overdrawn balance on the business bank account
- Equipment that the business owns
- Cash in the till
10. Which of the following is an asset of a business?
- Machinery owned by a business
- The capital of a business
- Overdrawn balance on the business bank account
- Money owed to a creditor
11. If a business pays a creditor by cheque, what is the effect on assets and liabilities?
- reduce bank and increase creditors
- reduce cash and reduce creditors
- reduce bank and reduce creditors
- increase bank and increase creditors
12. What would a bank overdraft be classified as?
13. What would cash in the till register be classified as?
14. What would a motor van for use in the business be classified as?