the term balance sheet . 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 .