D. Goods pald for Which of the following should not be classification as Sales?
A. Office Fixtures sold
B. Goods sold on credit
C. Goods sold for cash
D. Sale of item previously included in Purchases?
4 Which of the following is correct?
A. Profit does not alter capital
B. Profit reduces capital.
C. Capital can only come from profit
D. Profit increases capital
5. Which of these bests describes a balance sheet?
A. An account proving the books balance
B. A record of closing entries
C. A listing of balances
D. A statement of assets
6. The descending order in which current assets must be shown in the balance sh
A. Cash, bank, debtors, stock
B. Stock, debtors, cash, bank
C. Debtors, stock, bank, cash
D. Stock, debtors, bank, cash​