Section 1 (5 Marks) [CLO 2,3] Circle the correct answer for the following MCQs Question 1 2 3 4 5 CLO 1. Interest on drawings is a(n) for the firm a) profit b) loss c) receipt d) income 2, Profit and loss is a a) statement b) account c) ledger d) journal 3. Gross Profit is to the Profit and Loss account a) debited b) credited c) not taken d) none of the above 4. An outstanding expense is a(n) a) asset b) liability c) expense d) revenue 5. A prepaid expense is a(n) a) income b) liability c) asset d) receipts