1.1 A _____ trades for profit. It is not owned by the government and is allowed to offer its shares to the public. A. state-owned company (Soc Ltd) B. public company (Ltd) C. private company (Pty) Ltd D. non-profit company (NPC)

1.2 Financial information prepared by bookkeepers and accountants of private companies are used by _____. A. lenders B. investors C. the general public D. All of the above.

1.3 The accounting equation is: A. Assets = Owners equity + Liabilities B. Owners equity = Assets + Liabilities C. Liabilities = Owners equity + Assets D. Assets = Owners equity Liabilities

1.4 The following is an example of an expense account: A. Interest received B. Repairs and maintenance C. Share capital D. Equipment

1.5 The following is an example of an income account: A. Interest received B. Repairs and maintenance C. Share capital D. Equipment