1
Which of these best describes a balance sheet?
(A) An account proving the books balance
(B) A record of closing entries
(C) A listing of balances
(D) A statement of assets.
2
The descending order in which current assets should be shown in the balance sheet is
(A) Stock, Debtors, Bank, Cash
(B) Cash, Bank, Debtors, Stock
(C) Debtors, Stock, Bank, Cash
(D) Stock, Debtors, Cash, Bank.