7. The enhancing qualitative characteristics of financial statements include: Select one: Ca. Relevance and faithful representation b. Comparability and understandability c. Relevance and timeliness d. Understandability and faithful representation 8. The fundamental qualitative characteristics of financial information are: Select one: Ca. Relevance and faithful representation b. Verifiability and understandability c. Relevance and comparability d. Faithful representation and comparability 9. Which of the following is true: Select one: Ca. credit entry will increase bank over draft credit entry will increase accounts payable credit entry will increase accounts receivable b. debit entry will increase profit debit entry will increase accounts receivable debit entry will decrease accounts payable c. debit entry will increase receivables credit entry will decrease non-current assets credit entry will increase profit Cd. debit entry will increase non-current assets debit entry will increase drawings debit entry will increase profit 10. A credit balance on a ledger account indicates: Select one: Ca. An asset or an expense b. a liability or revenue c. an amount owing to the organization d. a liability or an expense 11. A credit balance on a ledger account indicates: Select one: Ca. An asset or an expense b. a liability or revenue c. an amount owing to the organization d. a liability or an expense 12. The Revenue (Sales) account is: Select one: Ca. credited with the total of sales made, excluding value added tax b. credited with the total of sales made, including value added tax c. debited with the total of sales made, including value added d. debited with the total of sales made, excluding value added tax tax