State which alternative in each of the following cases is correct:

(a) Unearned income is (i) A liability (ii) An asset (iii) An expense

(b) Stock in trade is valued at (i) Cost price (ii) Market price (iii) Cost price or market price, whichever is lower

(c) Unexpired expense is (i) Added to gross expense (ii) Shown as a liability in Balance Sheet (iii) Shown on the asset side of the Balance Sheet

(d) The difference between sales and cost of sales is (i) Gross profit (ii) Net profit (iii) Neither gross profit nor net profit

(e) Accrued income at the end of the year (i) Must be shown on the liability side of the balance sheet (ii) Must be shown on the asset side of the balance sheet (iii) Is not shown in the Balance sheet at all