Question Details

Current assets are listed in the reverse order of liquidity



1.	In one closing entry, the Dividends account is credited and Income Summary is debited.


	2.	The post-closing trial balance will contain only statement of equity accounts and statement of financial position accounts.


	3.	The operating cycle of a company is the average time required to collect the receivables resulting from producing revenues.


	4.	Current assets are listed in the reverse order of liquidity.

	5.	Current liabilities are obligations that the company is to pay within the coming year.




Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help