Multiple choice question. please answer all for a like thank you

Question 1

Source documents are important in the accounting system, because they are the starting point of information flow

a. False

b. True

Question 2

The..provides firms with guidelines for compiling financial statements:

a. International Accounting Standards Board

b. Generally Accepted Accounting Principles

c. Bank of Namibia

d. Financial reporting Standards Council

Question 3

The following is true about using financial ratios, except:

a. audited financial statements must be used

b. Single ratio generally does not provide sufficient information

c. adopt a bigger is better approach

d. dates of the financial statements being compared need to correspond

e. all of these are true

Question 4

The financial performance statement outlines the following:

a. discloses all sources and uses of funds

b. summarizes all revenues/income and expenses

c. lists all assets and liabilities

d. all of these e. none of these

Question 5

For a firm to counteract potential competitive forces to gain competitive advantage, they employ these strategies:

a. differentiation, cost leadership and focus

b. Business model, market segmentation, competitor analysis

c. None of these

d. SWOT analysis, cost leadership, differentiation

e. Marketing, finance, business plan

Question 6

Gross profit is derived after expenses are paid

a. True

b. False

Question 7

Shareholders use financial statements mainly:

a. to determine the business firms profitability and financial stability

b. analyse the performance and position of the business

c. none of these

d. analyse the feasibility of investing in the business