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

question 41

Essay

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:

Consuming Bread

The process of utilizing bread as food, part of dietary consumption practices.

Equilibrium Price

The selling price at which the volume of goods available equals the volume of goods consumers seek.

Price Of Sugar

The cost at which sugar is sold, which can be influenced by factors like production costs, demand, and government policies.

Tooth Decay

The breakdown of teeth due to the effects of acid produced by bacteria on the surface of teeth.