15 Profit before tax is calculated as A Operating profit + interest receivable interest payable + B Operating profit + interest receivable - interest payable Operating profit-interest receivable-interest payable DOperating profit-tax Question 16 Profit revenue + expenses A True B) False 2 Points 2 Points Which of the following is false? A company's balance sheet should only include the assets that it owns An asset is a resource controlled by the enterprise as the result of past events from which ecenomic benefits are expected to flow A company's balance sheet should include all the assets that it controls A company's balance sheet may include financial assets, including shares it owns in another company Question 18 A net profit results from having more revenues than liabilities. A True B) False 2 Points