Assets Are Listed on the Balance Sheet in Order Of

question 12

Multiple Choice

Assets are listed on the balance sheet in order of:
I.decreasing liquidity;
II.decreasing size;
III.increasing size;
IV.relative life

• A)I only
• B)III and IV only
• C)II only
• D)IV only

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Definitions:

Continental Crust

The thick part of the Earth's crust that forms the large landmasses. It is generally older and more complex than oceanic crust.

Basalt

A fine-grained, dark-colored mafic igneous rock, with or without vesicles and phenocrysts of pyroxene, olivine, or feldspar.

Dark Lava Rock

Often basalt, this is a type of volcanic rock that is rich in iron and magnesium, giving it a dark coloration.

Continental Crust

The thick part of the Earth's crust that forms the continents and continental shelves, consisting mainly of granitic rocks.