SECTION A Answer ALL the questions in this section. [100 MARKS] Choose ONE (1) correct option for each question below. 1.1 1.1.1 State whether the following statements are True or False The Statement of Changes in Equity reports on changes in the financial position of an enterprise on a certain date. (2 marks) 1.1.2 Owners of a Close Corporation have unlimited liabilities to the debts of the business and it is considered as a none legal entity. (2 marks) 1.1.3 Loan obtained from Lee Bank is recorded as a cash outflow under financing activities in the Statement of Cash Flows. (2 marks) 1.1.4 Information: (2 marks) Bank overdraft R15 000 Cash float R2 000 Prepaid Expenses R 3000 Given the above information, Current liabilities in the Statement of Financial Position Are: R15 000 1.1.5 Information: (2 marks) Capital R100 000, drawings R6 000, net profit R7 000. Owners' equity in the Statement of Financial Position is: R101 000