Net profit is calculated in the
A. Trading account
B. Profit and loss account
C. Trial balance
D. Balance sheet
查看答案
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
Which of these best describes non-current assets?
A. Items bought to be used in the business
B. Items which will not wear out quickly
C. Expensive items bought for the business
D. Items having a long life and not bought specifically for resale
Carriage inwards is charged to the trading account because
A. It is an expense connected with buying goods
B. It should not go in the balance sheet
C. It is not part of motor expenses
D. Carriage outwards goes in the profit and loss account
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