SECTION A$-$ MULTIPLE CHOICE QUESTIONS $[10$ MARKS$]$

Answer ALL questions. Each question carries ONE $(1)$ mark.

Choose the best alternative answer.

$1.$ What is the purpose of financial accounting?

A$.$ To provide information for internal decision making within an organisation

B$.$ To ensure compliance with tax regulations and laws

C$.$ To report financial information to external users

D$.$ To calculate the cost of production for goods and services

$2.$ Which of the following is the accounting equation?

A$.$ Assets $=$ Liabilities $-$ Equity

B$.$ Assets $=$ Liabilities $+$ Equity

C$.$ Assets $+$ Liabilities $=$ Equity

D$.$ Assets $-$ Liabilities $+$ drawings $=$ Equity

$3.$ Which of the following is an example of an external user of financial information?

A$.$ CEO of the company

B$.$ Marketing manager of the company

C$.$ Creditors and lenders

D$.$ Human resources department