5. Gross profit is calculated in the trading account.

Select one:

True or False

6. All assets will be depreciated except land.

Select one:

True or False

11. There are only two methods of inventory valuation which are first in first out and last in first out.

Select one:

True or False

16. These are current liabilities: Account payables, long - term loan and mortgage loan.

Select one:

True or False

18. Gross profit derived from sales deduct return outwards.

Select one:

True orFalse