Exercise 1 1. The Trading and Profit and Loss account is also called (A) Balance Sheet (B) Cash Flow Statement (C) Income Statement (D) Trial Balance 2. The elements of the accounting equation are : 1. Assets II. Liabilities III. Trial Balance IV. Capital (A) I, II and in (B), II and IV (C) I, III and IV (D)II, III and IV 3. Which of the following are assets ? 1. Cash and cash at bank II. Land and fixtures III. Loans and creditors