1.  Whichof the following statements concerning the contents of the Statement ofFinancial Position is correct?

A. A list of all balances on account shown indebit and credit columns

B. A list of all the assets owned and all theliabilities owed by a business

C. A record of income generated and expenditureincurred over a given period

D. A record of the cash inflows and outflows in agiven period

 

2.  Whichof the following statements is the best discription regarding corporategovernance?

A.   A systemof rules and regulations surrounding financial reporting.

B.   A systemby which companies and other entities are directed and controlled.

C.   A systemcarried out by the finance department in preparing the financial accounts.

D.   A systemby which an entity monitors its impact on the natural environment.

 

3.  If acar dealer takes a new car from inventory for his own personal use, which ofthe following accounting concept should be considered?

A.   The fair presentation concept

B.   The accruals concept

C.   The going concern concept

D.   The business entity concept