Foundations of financial statements and basic accounting concepts

Notes

9. Which one of the following accounts will increase on the credit side? a. Transport charges b. Interest on a fixed deposit c. Interest on a bank overdraft d. None of the above 10. Which one of the following accounts will have an effect on owners' equity? a. Motor vehicles b. Suppliers c. Income d. None of the above 11. Which one of the following options will increase on the credit side? a. Rent Received b. Rent Receivable c. Interest on a bank loan d. None of the above 12. The following is the correct layout of the statement of Profit and Loss: a. Gross profit, Gross Income, Total Expenses b. Gross Income, Gross Profit, Total Expenses c. Assets, owners' equity, Liabilities d. Assets, liabilities, owners' equity 13. The Statement of Financial Position lists which of the following? a. Assets, Liabilities, and Owners' Equity b. Revenues, Expenses, Gains, and Losses c. Assets, Liabilities, and investments by owners d. Revenues, Expenses, Gains, and distributions to owners e. Assets, Liabilities, and investments by owners f. Revenues, Expenses, Gains, and distributions to owners c. Assets, Liabilities, and investments by owners d. Revenues, Expenses, Gains, and distributions to owners...