Complete the Following Table Concerning the Classification of Items in the Statement

question 13

Short Answer

Complete the following table concerning the classification of items in the statement of financial position.
ACCOUNT ELEMENTS CLASSIFICATION
(Asset, Liability, Equity)(Current, Non-current)
$\begin{array}{|l|l|l|l|}\hline\text { e.g } & \text { Cash on hand } & \text { Asset } & \text { Current } \\\hline \text { e.g } & \text { Land and buildings } & \text { Asset } & \text { Non-current } \\\hline 1 & \text { Inventory } & & \\\hline 2 & \text { Accounts receivable } & & \\\hline 3 & \text { Bank overdraft } & & \\\hline 4 & \text { Prepaid insurance } & & \\\hline 5 & \text { Share capital } & & \\\hline 6 & \text { Retained profits } & & \\\hline 7 & \text { Accounts payable } & & \\\hline 8 & \text { Goodwill } & & \\\hline 9 & \text { Plant and equipment } & & \\\hline 10 & \text { Franchise } & & \\\hline 11 & \text { Loan from Eagle Finance (5 years) } & &\\\hline\end{array}$

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Definitions:

Infinitely Inelastic

Describes a situation where the quantity demanded or supplied does not change regardless of price changes.

Economic Rents

The excess payment made to a factor of production over and above what is needed to bring that factor into production, often seen as a measure of market inefficiency.

Aggregate

A total sum or amount made up of distinct components, often used in economics to refer to total output or income.

Equilibrium

An equilibrium where demand meets supply in the marketplace, stabilizing prices as a consequence.