QUESTION 1 1.1 13 MARKS 1.2 Identify two primary users to whom general purpose financial reports are directed in terms of the Conceptual Framework. The Fourth Industrial Revolution (4IR) has led to several technological advances like (2) 1.3 Blockchain, and the emergence of cryptocurrencies. Fiat money is an example of cryptocurrency. True or False, choose the correct answer. (1 ) Modern financial accounting had no origin in the form of the double-entry system. 1.4 True or False, choose the correct answer. (1 ) What form of a legal relationship which arises as a result of an agreement between two or more persons, but not exceeding twenty? A. Company. (1) B. Close corporation. C. Sole proprietorship. D. Partnership. 1.5 E. None of the above. A. Loan. Which one of the following is an example of assets? (1 ) B. Cryptocurrency. C. Salary. D. Rent income. E. None of the above. 1.6 Events or transactions do not entail an exchange of goods or services for cash. Chose the correct word from the two words that are underlined. (1) 1.7 Drawings are expenses to the business. True or False, chose the correct answer. (1) 1.8 What is the subsequent measurement of land and the subsequent measurement of trade inventories? (2) 1.9 Publications issued by the International Accounting Standards Board (IASB) are of particular interest with regards to the studying of financial accounting: Which publication is not issued by IASB? (1 ) A. International Financial Reporting Standards (IFRSs. B. Companies Act. C. Conceptual Framework for Financial Reporting. D. International Accounting Standards (IASs). E. None of the above. 1.10 Which one of the following is not a component of financial statement? A. the statement of financial position; ( 1 ) B. the statement of profit or loss; C. notes; D. Auditor's report; E. None of the above statements. 1.11 Which field is associated with an expression of an independent opinion on the fair presentation of company's annual financial statements and whether or not it has been prepared in accordance with IFRS Standards? A. Taxation. (1 ) Management accounting. C. Auditing. D. Financial accounting. E. None of the above Page 2 of 4