Q1:

A concise financial report is for

Select one:

a.

twelve months

b.

nine months

c.

three months

d.

six months

Q2:

In order to decide if an item is material accountants must use:

Select one:

a.

a text book

b.

a set of rules

c.

professional judgement

d.

discipline

Q3:

Opening Capital = $50,000

Capital contributed during the year = $30,000

Profit during the year = $40,000

Dividend paid = 15,000

Drawings = 5,000

Calculate the Closing Equity:

Select one:

a.

$105,000

b.

$90,000

c.

$120,000

d.

$1,00,000