1. What is mean by the accumulated depreciation of a non-current asset? Select one: a. Current year depreciation expenses of a non-current asset b. Current book value of a non-current asset. c. Sum of all depreciation expenses of a non-current asset. d. Cost of a non-current asset

2. Calculate the profit for the year if the capital of the beginning is $30,000, capital at the end of the year is $50,000 and during the year, the owner withdrew $20,000.

(Type answer without the $ or comma eg: 10000 )

Answer:

3. According to the Conceptual Framework which of the following is the correct definition of expenses.

Select one:

a.

Decreases in assets or increases in liabilities that result in decreases in equity.

b.

Decreases in assets or increases in liabilities that result in no changes in equity.

c.

Decreases in assets or decreases in liabilities that result in decreases in equity.

d.

Decreases in assets or increases in liabilities that result in increases in equity.