Select the correct option

Question 1. Multiple choices Accounting can be defined as a. (a) the orderly and systematic identification and recording of monetary values of economic transactions of & usiness enterprise the identification nd recording of economic events the reporting or the results of transactions, which is then used by the users of financial (b) (c) Which of the abov definitions regarding accounting is correct? (1) (2) (3) (4) a and b b and c a and c a, b and c b. The financial statements for a business entity can be prepared Choose the most corect option from the following (1) annually and quarterly (2) quarterly, bi-annualy and annually (3) annually, bi-annually, quarterly and monthly (4) annually and bi-annualy (5) bi-annually and quarterly on I5 as revenue therefore will be classified under.. in the statement of profit or loss and other comprehensive (1) (2) (3) (4) (5) revenue other income distributive, administrative and other expenses finance income finance costs d. Crazee Dealers purchased a vehicle on 28 February 20.8 for R160 000. A business cheque was issued. The effect of this transaction on the accounting equation will be as follows Equity Assets- Liability +R16 0 +R160 000 +R160 000 0 +R160 000 +R160 000 0 0 -R160 000 0 +R160 000 t-R160 000 monthly rental amount is R7 500 per month. The financial year-end for Crazee Dealers is 28ebruary. What ettect will th year-end closing transter ot th above transaction have on th Account debit Account credit Rent income Income recelved in R15 00o Income received in Rent income IR15 000 IR15 000 Rent incnme R15 nn advance 4) Income received in Rent income 0 15 000 Rent income Income received in +R15 000 f. Which of the following slaeents eecl? (a Accruod oxponsos aro oxponsns, which rolato to tho curront financial yoar hut woro not paid at tho ond of tho financial yoar the current financial year Accrued income is income, which relate to the next tinancial year but was received in the current financial year (c) (d) Income leceived in advallce is income, which have been eceived during lhe cullen! inancial yoor but relatos to tho future financial ycor An Asset loses vAl lft through weer nd terr This loss in value ts called depreciation (e) (1) a, b, e, d and e 2) a, b, and d (3) ad e 5) b, c, d ande