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7) Under IFRS and under GAAP, current assets are listed in
IFRS GAAP
reverse order of liquidity reverse order of liquidity
reverse order of liquidity order of liquidity
order of liquidity reverse order of liquidity
order of liquidity order of liquidity
8) post-closing trial balance should be prepared
after closing entries are posted to the ledger accounts.
before adjusting entries are posted to the ledger accounts.
before closing entries are posted to the ledger accounts.
only if an error in the accounts is detected
9) In preparing closing entries
each expense account will be credited.
each revenue account will be credited.
the dividends account will be debited.
the dividends account will be debited if there is net income for the
period
10) Intangible assets are
listed as a long-term investment on the balance sheet.
listed under current assets on the balance sheet.
not listed on the balance sheet because they do not have physical
substance.
long-lived assets that are often very valuable