1.

Classify the following items into External Liabilities, Internal Liabilities,Wasting Assets, Intangible Assets and Tangible Assets :creditors, quarries, interest on capital, plant and machinery, mines, patents, reserves, goodwill, bank loan, furniture. ​

Answer»

ANSWER:

  1. CREDITORS- external liability
  2. quarries - tangible assets
  3. interest on capital- tangible assets
  4. plant and machinery - tangible assets
  5. mines - WASTING assets
  6. patents- intangible assets
  7. reserve - internal liability
  8. Goodwill - intangible assets
  9. bank LOAN - external liabilities
  10. furniture - tangible assets


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