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Asset or liability

Exercise and reference answers

Upper category
Asset
Lower category
Liability
Items
  1. Category
    Asset
    Item
    Cash
  2. Category
    Asset
    Item
    Inventory
  3. Category
    Asset
    Item
    Land
  4. Category
    Asset
    Item
    Vehicles
  5. Category
    Liability
    Item
    Bank loan
  6. Category
    Liability
    Item
    Wages due
  7. Category
    Liability
    Item
    Notes owed
  8. Category
    Liability
    Item
    Tax due
Instructions
Send each item to the asset track or the liability track.

Explanation

_Source: OpenStax Principles of Financial Accounting, Chapter 2, Introduction to Financial Statements._
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