Final Account - 2

Trial balance is the balance of all the

• Journal

• Ledger account

• Books

• Nota

Trial balance is prepared before or after the final account

• Before

• After

• Both a and b

• Nota

Balance sheet consists of

• Debit and credit

• Income and expense

• Assets and liabilities

• Nota

Balance sheet has to

• Accurate

• Tally

• equal

• Nota

Assets are the

• Business properties

• Debt

• Income

• Nota

Liabilities are

• Business debt

• Properties

• Losses

• Income

Assets are the following types

• 2

• 1

• 3

• 4

Assets are

• Current and fixed assets

• Liquid and solid asset

• Urgent and postponable asset

• Nota

Assets can be

• Short-term

• Long-term

• Both a and b

• Nota

Current assets are

• Short term

• Long term

• Mid-term

• Nota