Which of the following best describes a trial balance?
A. It shows the financial position of a business
B. It is a special account
C. It shows all the entries in the books
D. It is a list of balances on the books
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Gross profit is
A. Excess of sales over cost of goods sold
B. Sales less purchases
Cost of goods sold + opening inventory
D. Net profit less expenses of the period
Net profit is calculated in the
A. Trading account
B. Profit and loss account
C. Trial balance
D. Balance sheet
Which of these best describes a balance sheet?
An account proving the books balance
B. A record of closing entries
C. A listing of balances
D. A statement of assets
The descending order in which current assets should be shown in the balance sheet is
A. Inventory, Accounts receivable, Bank, Cash
B. Cash, Bank, Accounts receivable, Inventory
C. Accounts receivable, Inventory, Bank, Cash
D. Inventory, Accounts receivable, Cash, Bank
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