2. What are the main objectives of book-keeping? How would you distinguish book keeping from accounting? (4)

3. Multiple choice questions, Tick the correct answer. (5)

i. Stock is?

The quantity of goods at the end of the year

The total value of all the goods purchased during the year

Items purchased to sell at a profit

The value of goods left over at the end of the year

Fixed assets acquired during the year

ii. Which of the following is not an asset?

Creditors

Fixed assets

Cash

Debtors

Petty cash

iii. Capital is?

The total amount of cash in the business

The amount the bank has invested in the business

Total of the fixed assets and current assets

The total amount the owner has invested in the business

The total amount owed by the business to the bank