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Question
The arrangement of assets and liabilities in accordance with a particular order is known as _________ of balance sheet.
The arrangement of assets and liabilities in accordance with a particular order is known as _________ of balance sheet.
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Solution
The correct option is D marshalling
Meaning of Marshal- To arrange in a logical order. The process of arranging the items of balance sheet in a logical order is called Marshalling of balance sheet. It is done to give the better understanding of balance sheet items. There are two orders followed in Marshalling of assets and liabilities.
1. Order of Liquidity
2. Order of Permanence.
Meaning of Marshal- To arrange in a logical order. The process of arranging the items of balance sheet in a logical order is called Marshalling of balance sheet. It is done to give the better understanding of balance sheet items. There are two orders followed in Marshalling of assets and liabilities.
1. Order of Liquidity
2. Order of Permanence.
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