11 Which of the following best describes long term assets?

1. Items bought to be used in the business
2. Items which will not wear out quickly
3. Expensive items bought for the business
4. Items having a long life and not bought specifically for resale 12 The ______ ______ convention says that the business and the owner(s) are separate, for accounting purposes

1. Going concern
2. Business entity
3. Money measurement
4. Historic cost 13 Human Assets have no place in accounting records is based on

1. Money measurement concept
2. Business entity
3. Going concern
4. Historic cost 14 Purchase of Machinery for cash will:

1. Decrease total assets
2. Increase total assets
3. Decrease total liabilities
4. Total assets remain unchanged 15 Returns Outwards (Purchase Returns) appearing in the Trial Balance are deducted from:

1. Sale
2. Purchases
3. Return Outwards
4. Gross profit