1) Term deposit a) Asset b) Expense c) Equity d) Liability e) Income 2) Accounts payable a) Asset b) Expense c) Equity d) Liability e) Income 3) Bank a) Asset b) Expense c) Equity d) Liability e) Income 4) Bank overdraft a) Asset b) Expense c) Equity d) Liability e) Income 5) Insurance a) Asset b) Expense c) Equity d) Liability e) Income 6) Fees received a) Asset b) Expense c) Equity d) Liability e) Income 7) Depreciation a) Asset b) Expense c) Equity d) Liability e) Income 8) Sales a) Asset b) Expense c) Equity d) Liability e) Income 9) Owner's contribution a) Asset b) Expense c) Equity d) Liability e) Income 10) Wages and salaries a) Asset b) Expense c) Equity d) Liability e) Income 11) Vehicle a) Asset b) Expense c) Equity d) Liability e) Income 12) Interest received a) Asset b) Expense c) Equity d) Liability e) Income 13) Interest expense a) Asset b) Expense c) Equity d) Liability e) Income 14) Investment in ABC Limited a) Asset b) Expense c) Equity d) Liability e) Income 15) Office expenses a) Asset b) Expense c) Equity d) Liability e) Income 16) Electricity a) Asset b) Expense c) Equity d) Liability e) Income 17) Office rent a) Asset b) Expense c) Equity d) Liability e) Income 18) Loan a) Asset b) Expense c) Equity d) Liability e) Income 19) Mortgage a) Asset b) Expense c) Equity d) Liability e) Income 20) Dividends received a) Asset b) Expense c) Equity d) Liability e) Income

Accounting elements

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