$11.$ Accounting is the process of the

I. gathering and recording information

II$.$ raising of funds for a business

III. providing information which influences decisions.

a$)$ I and II only

b$)$ I and III only

c$)$ II and III only

d$)$ I, II and III

$47.$ Customers have an interest in financial statements to determine

a$)$ If the business can pay its debts.

b$)$ The possibility of the business producing a better product.

c$)$ The level of inventory in the business.

d$)$ If the workers in the business are unionized.

$48.$ The owner's capital will be affected by

a$)$ Cash collected from a debtor.

b$)$ Cheques paid to creditors.

c$)$ Cash withdrawn for private use.

d$)$ Purchase of equipment on credit

$49.$ In what order is the items on the balance sheet presented if current assets are listed before fixed assets?

a$)$ Permanence

b$)$ Liquidity

c$)$ Horizontal

d$)$ Vertical

$50.$ A balance sheet is prepared using

a$)$ Only real accounts

b$)$ Only personal accounts

c$)$ Real and personal account

d$)$ None of these

$51.$ Which group is made up entirely of liabilities?

a$)$ Debtors Mortgage

Creditors Bank Loan

b$)$ Mortgage Capital

Debtors Capital

c$)$ Creditors Bank Loan

Mortgage Capital

d$)$ Bank Loan Debtors

Creditors Capital

$54$Goods were sold on credit to John Brown. Which of the following is the correct double entry to record this transaction?

a$)$ Debit John Brown's A$/$c

Credit Sales A$/$c

b$)$ Debit Sales A$/$c

Credit John Brown's A$/$c

c$)$ Debit John Brown's A$/$c

Credit Cash A$/$c

d$)$ Debit Cash A$/$c

Credit John Brown's A$/$c