14) A business, which goes further by recording one aspect of its transactions, only is said to be using single-entry book-keeping. a) True b) False 15) Margin is computed on the selling price of an item. a) True b) False 16) Accumulated fund is ascertained by a) Adding liabilities to assets b) Adding liabilities to equity c) Subtracting liabilities from assets d) Subtracting liabilities from equity 17) The excess of income over expenditure is referred to us a) Income surplus b) Income deficit c) Net loss d) Net profit