Section A Multiple Choice Ques (36 0.5M 16 MARKS) (Suggested time 80 minutes) Encircle the alphabet corresponging to the correct answer. For example if the answer is 'then 1. The sale of shares is also referred as a) Equity Finance b) Debt Finance c) Private Finance d) Public Finance 2. As per Income statement, gross profit is always equal to, a) Sales Expenses b) Income-Expenses c) Sales Cost of Goods Sold d) Sales-Selling Costs 3. Which of the following statements reports the drawings of the owner from the business organization? a) Balance sheet b) Income statement c) Cash flow statement d) Statement of retained earnings 4. Debtors of an organization are: a) A set of customers who received cash on sales made. b) A set of customers who owe money to the business. c) A set of suppliers to whom the business paid cash on purchases made. d) A set of suppliers to whom the business owes money. 5. Which of the following is not a fixed Asset? a) Furniture b) Inventory c) Machinery d) Building 21 Page