Question $12$

On $1$ May $2022$ Nkosi started a cleaning service business. Five of the transactions for the month ended $31$ May $2022$ are listed below. Choose the correct option to sh

ow what effect the following transactions would have on the basic accounting equation: Assets $=$ Equity $+$ Liabilities.

Paid Furno Supplies R$21000$ in full settlement of their account of R$23000.$

a$.$

Decrease assets, no effect on equity and decrease liabilities.

b$.$

Increase assets, increase equity and decrease liabilities.

c$.$

Decrease assets, increase equity and decrease liabilities.

d$.$

Decrease assets, decrease equity and decrease liabilities.

Question $13$

Which one of the following represents the net worth of an entity at any specific point in time:

a$.$

Statement of comprehensive income

b$.$

Statement of financial position

c$.$

Statement of cash flows.

d$.$

Statement of changes in equity.

Question $14$A resource under the control of an entity arising from past events from which future economic benefits are expected to flow in to the entity$$ refers to which one of the following:

a$.$

Asset

b$.$

Income

c$.$

Liability

d$.$

Expense

Question $15$

On $3$ January $2019$ Zandile$$s Boutique bought trade goods on credit from Nom$$s Wholesalers for R$22000,$ subject to a trade discount of $10\%.$ A settlement discount of $5\%$ is granted if the account is settled within $30$ days from the date of purchase. If payment for this purchase is made on $1$ March $2019,$ which one of the following is the amount that Zandile should pay Nom$$s Wholesalers in terms of the agreement of purchase and sale: $($ignore VAT$)$

Question $15$

a$.$

R$19800.$

b$.$

R$22000.$

c$.$

R$18810.$

d$.$

R$20790.$