Closing stock is an item of ______.

(a)

Fixed asset

(b)

Current asset

(c)

Fictitious asset

(d)

Intangible asset

Net profit of the business increases the ______.

(a)

Drawings

(b)

Receivables

(c)

Debts

(d)

Capital

Bank overdraft should be shown _______.

(a)

In the trading account

(b)

Profit and loss account

(c)

On the liabilities side

(d)

On the assets side

Drawings appearing in the trial balance is _______.

(a)

Added to the purchases

(b)

Subtracted from the purchases

(c)

Added to the capital

(d)

Subtracted from the capital

Current assets does not include _______.

(a)

Cash

(b)

Stock

(c)

Furniture

(d)

Prepaid expenses