Self-test Identify the assets from the list below. State if the asset is a current or a fixed asset.

(a) Stock.

(b) Money owed to supplier.

(c) Computer equipment.

(d) Money outstanding for goods sold.

Identify the liabilities from the following list. Give the nature of the liability, i.e.

current or long term.

(a) Loan due to be repaid to A Brown in 4 months’ time.

(b) Money owed to a supplier.

(c) Fixtures and fittings.

(d) Money outstanding for goods sold by us.

(e) Loan due to be repaid to G Smythe in 3 years’ time.

(f) VAT due to be paid to HMRC.

(g) Bank overdraft.