Accounting and Finance Foundations

Unit 5

Accounting and Finance Foundations Unit 5: Accounting Terminology 321

Accounting Terminology

Chapter 13

Student Assignment

Lesson 13.2 Classifying Assets, Liabilities,

and Owner’s Equity

Instructions:

Classify each item listed below as an asset, liability, owner’s equity, revenue, or expense by placing a check

mark in the Assets, Liabilities, Owner’s Equity, Revenue, or Expense column.

Asset Liability Owner’s

Equity

Revenue Expense Drawing

1. Cash


2. Steve McNight,
   Capital


3. Prepaid Insurance


4. Sales


5. Rent Expense


6. Supplies


7. Accounts Payable


8. Anything owned


9. Owner’s capital
   account


10. Any amount owed


11. Advertising
    Expense


12. Accounts
    Receivable


13. Owner’s Drawing
    Account