1)- A business changes its building's depreciation percentage from 7% to 8%. What will be the effect of this change on profit?Select one:

a.No effect

b.increase its gross profit

c.Increase in net profits

d.Decrease in net profits

2)-Which of the following financial statements reflects the financial position of the company operation on a given date?Select one:

a.Income statement

b.Statement of comprehensive income

c.The profit position

d.Balance sheet

3)-Creditors are represented by?Select one:

a.an element of a business's current assets

b.a person or company to whom money is owing.

c.customers paying in cash

d fixed asset

4)-A bakery purchases a new van costing 40,000. Its expected useful life is 10 years, at which point it is anticipated that the truck will have a salvage value of 6,000.

If the straight line method of depreciation is used, what is the net book value of the truck at the end of four years?

a.24,000.

b.13,600.

c.29,800.

d.26,400