1 Which of these best describes fixed 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 of long life...

1

Which of these best describes fixed 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 of long life that are not bought specifically for resale.

2

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.