The primary basis for the classification of assets and liabilities in the balance sheet is: Select one: a. Profitability b. Tangibility c. Liquidity d. Degree of risk 1. A spreadsheet, prepared either manually or electronically and used by accountants to organise information, is known as a w 2. Harry Company uses cleaning supplies on a daily basis. Under the accrual basis of accounting these supplies would be an expense of the period in which they are: Select one: a. Ordered C b. Received C c. Paid for d. Used 3. Tan Traders received a $750 advance payment from a customer for work to be carried out in the next accounting period. The accounting entry to initially record the $750 is: Select one: a. Debit unearned income $750; credit bank $750 b. Debit bank $750; credit unearned income $750 c. Debit bank $750; credit creditor $750 4. d. Debit income earned $750; credit bank $750