3. Consider the following information: Contra entry between Accounts receivables and Accounts payables N$ 70 000. Indicate the correct treatment of the above information in both the Accounts Payable and Accounts Receivable control Account. A. DR Accounts Payable Control Account - N$ 70 000; CR Accounts Receivable Control Account - N$ 70 000. B. DR Accounts Receivable Control Account - N$ 70 000; DR Accounts Payable Control Account N$ 70 000 C. DR Accounts Payable Control Account N$ 70 000; DR Accounts Receivable Control Account - N$ 70 000 D. None of the above 4. A financial asset and a financial liability will initially be recognised at .... in the statement of Financial Position of an entity: A. Amortized cost B. Fair value C. Market Value D. None of the above 5. The following are purposes for the preparation of a payable's reconciliation: Select the incorrect option: i) The buying entity keeps record of the payable amounts to the supplier ii) To file and stamp the monthly statement received from the Supplier iii) To correct any errors (if any) occurred 3 iv) To record any timing differences. A. i); ii) and iv) B. ii) only C. i); iii) and iv) D. ill only