1. The balance sheet lists only assets and liabilities at the end of a given accounting period.
   True
   False
   Not stated
   
2. Both horizontal and vertical formats present the same information but in different ways.
   True
   False
   Not stated
   
3. Assets, liabilities plus the owners’ equity are arranged in a similar way in the vertical and horizontal formats.
   True
   False
   Not stated
   
4. Both formats are widely used in the UK and the USA.
   True
   False
   Not stated
   
5. The vertical format makes comparisons more difficult.
   True
   False
   Not stated
   
6. The horizontal format is easier to work with according to GAAP.
   True
   False
   Not stated
   
7. The vertical format is widely used in businesses.
   True
   False
   Not stated
   
8. The assets column lists all the assets without any order.
   True
   False
   Not stated
   
9. Fixed assets are always easy to convert into cash.
   True
   False
   Not stated
   
10. Accumulated depreciation is always included in the interim report.
    True
    False
    Not stated
    

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