1 point Which of the following is a current asset? Office equipment Loan from Bank MISU Bank overdraft Closing inventory 1 point Yaya Enterprise bought a computer for RM2,500 on credit from Technology Enterprise. What is the effect of this transaction? Decreased in asset and increased in liability Increased in asset and decreased in liability Increased in both asset and liability Decreased in both asset and liability Which one of the following best 1 point Which one of the following best 1 point describes accounting? * Accounting is a process of preparing source documents for all transactions, operations, and other events of a business. Accounting is the recording, classifying, summarizing and interpreting of financial data. Accounting is a method of recording business transactions. Accounting is the process of identifying, classifying, recording and summarizing business transaction in monetary terms, interpreting and communicating the financial data of a business in order to assist stakeholders in making decisions. Which are the disadvantages of a 1 point sole trader? * 1. II. Easy to set up Unlimited liability Charged on personal tax No continuity of existence (limited to the life owner's life) IV. I and III O 1, I and III II and III O II, III and IV 1 point Dynie Enterprise debited the drawings account RM2,000 and credited purchases RM2,000. Which of following would best describe what happened? * The owner took out goods RM2,000 for personal use. The owner took out RM2,000 cash at bank to pay her personal vehicle's insurance. Purchased goods RM2,000 by credit from Tee Trading Purchased machinery RM2,000 by cash from Max Trading. O