1.Which one of the following choices is included in the statement of financial position of an entity?

A. Dividends paid, assets, discounts, and liabilities

B. share capital, assets, and liabilities

C. assets, liabilities, profit on disposals of non-current assets and share capital

D. share capital, dividends paid, revenue and assets

2)From the following information regarding the year to 31 August 20x6, what is the payables payment period (vat=0)?

Sales $50,000

Cost of sales $30,000

Opening stock $6,000

Closing stock $3,800

Accounts payables at 31 August 20x6 $4,750

A. 62 days

B. 33 days

C. 69 days

D. 44 days

3) Lisa has not kept accounting records during the financial year. She had opening stock 6,500 and purchased goods costing 84,000 during the year. At the year end she had 5,400 left in stock. All sales are made at mark up on cost 20%. What is Lisas gross profit for the year?

A. 16,540

B. 20,675

C. 13,750

D. 17,020

4) The annual rate of return is referred to as_________.

A. discount rate

B. risk free rate

C. marginal cost

D. marginal rate

5) The accrual basis of accounting records revenues when they are:

A. Paid

B. readily available for use

C. earned

D. collected