choose the correct answer

I only need the answer without explanation.

Give me the question number and the answer, please.

7

Global company follows all the accounting principles and conventions to prepare their financial statements so as to produce an effective and standardized financial information.

Q1. The company follows the same accounting practices and methods throughout the years, because they follow:

A\ Going concern assumption

B\ Consistency principle

C\ Matching principle

D\ Historical cost principle

Q2. Global company records business transactions at proper time so as to supply relevant and reliable information to the necessary people, this is because they follow:

A\ Matching principle

B\ Going concern assumption

C\ Timeliness convention

D\ Historical cost principle

8

The following is the Balance Sheet of a sole proprietor as on 31^st December,2019. You are required to answer the following questions from this position statement.

BALANCE SHEET

ASSETS		Amount
Cash	20000
Bills receivables	40000
Closing stock	60000
		120000
Building	.
Land	160000
Vehicles	80000
Furniture	40000
		360000
TOTAL ASSETS		480000
LIABILITIES
Bank overdraft	40000
Bills payables	100000
Wages payable	..
		150000
Long Term Loans		80000
Owners equity or Capital		.
TOTAL LIABILITIES AND EQUITY		480000

Q1. What is the amount of building?

A\ OMR 80,000

B\ OMR 20,000

C\ OMR 40,000

D\ OMR 30,000

Q2. What is the amount of wages payables?

A\ OMR 40,000

B\ OMR 10,000

C\ OMR 20,000

D\ OMR 30,000

Q3. What shall be the owners equity or Capital to be entered in the Balance Sheet?

A\ OMR 250,000

B\ OMR 500,000

C\ OMR 25,000

D\ OMR 625,000

9

From the following balances you are required to prepare a Balance Sheet and answer the following questions.

Account names	Amount in OMR
Net profit	25,000
Capital	50,000
Drawings	5000
Long term loans	10,000
Creditors	4000
Rent payable	500
Salary payable	1000
Premises	55,000
Machinery	15,500
Furniture	4000
Cash	500
Debtors	7500
Closing stock	3000

Q1. What is the amount of Owners equity or Capital to be entered in the balance sheet?

A\ OMR 75,000

B\ OMR 700,000

C\ OMR 14,000

D\ OMR 70,000

Q2. What is the total amount of current assets?

A\ OMR 10,000

B\ OMR 11,000

C\ OMR 110,000

D\ OMR 22,000

Q3. What is the total amount of non-current or fixed assets?

A\ OMR 75,000

B\ OMR 7450

C\ OMR 745,000

D\ OMR 74,500

Q4. What is the total amount current liabilities?

A\ OMR 5500

B\ OMR 55,000

C\ OMR 2500

D\ OMR 15,000

Q5. What is the total amount of long- term liabilities?

A\ OMR 100,000

B\ OMR 1000

C\ OMR 15,000

D\ OMR 10,000