Q.Closing stock is an item of ________.

Closing stock is unsold goods realisable within a year, so it is a current asset — option (d).

Classifying assets:

• Fixed assets — long-term assets held for use (machinery, building).
• Current assets — assets that are cash or are expected to be converted into cash / consumed within one year (stock, debtors, cash, bills receivable).
• Intangible assets — non-physical assets (goodwill, patents).
• Fictitious assets — not real assets but deferred expenses/losses (preliminary expenses). …