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Asset or liability

Exercise and reference answers

Upper category
Asset
Lower category
Debt
Items
  1. Category
    Asset
    Item
    Cash
  2. Category
    Asset
    Item
    Machinery
  3. Category
    Asset
    Item
    Patent
  4. Category
    Asset
    Item
    Stock held
  5. Category
    Debt
    Item
    Bank loan
  6. Category
    Debt
    Item
    Bills due
  7. Category
    Debt
    Item
    Wages due
  8. Category
    Debt
    Item
    Tax due
Instructions
Send each item to the asset track or the liability track.

Explanation

_Source: OpenStax Introduction to Business, Chapter 14, Using Financial Information and Accounting._
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