10.1.5 ACCOUNTING 1: ASSIGNMENT 1 [100] QUESTION ONE [25] 1.1 Four alternatives are provided for each of the following questions. You are required to choose the correct alternative for each of the questions/statements. Write down the question number and the letter corresponding to your choice next to the question number as follows: (10) EG: Question number Alternative chosen 1.1.14 1.1.1 Which of the following represents all the elements of the financial statements? A. Assets, equity, and liabilities. B. Assets, liabilities, equity and statement of comprehensive income. C. Notes, Equity, Drawings, income and expenses. D. Asset, liabilities, equity, income and expenses. 1.1.2 Which one of the following comprises a full set of financial statement: A. Statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows, and notes to the financial statements. B. Statement of financial position, statement of profit or loss and other comprehensive income, and a statement of changes in equity