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Question 5 Not yet answered Marked out of 1.00 P Flag question Mr. Nabeel is running a restaurant in Ibri. Often he receives order from his family for food and they never pay money. Mr. Nabeel recorded all the cost of food given to family as the expenses of the business. Identify the accounting assumption not followed by Nabeel. O a. Verifiable objective O b. Monetary unit O c. Business entity O d. Going concern Question 6 Not yet answered Marked out of 1.00 Flag question Mr. Jameel, the owner of a business withdrew OMR 500 from the business for his personal use. How this transaction will effect accounting equation? O a. Increase OMR 500 in the asset and equity O b. Decrease OMR 500 from asset and increase OMR 500 in equity O c. Increase OMR 500 in asset and decrease OMR 500 from equity d. Decrease OMR 500 from the asset and equity Previous page Next page Question 8 Not yet answered Marked out of 1.00 Flag question Which branch of accounting is dealing with systematic recording of financial transactions and preparation of financial statements? O a. Taxation accounting O b. Cost accounting O c. Management accounting O d. Financial accounting