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QUESTION 6 Which of the following statements is false? Select one answer. . B D A credit records an increase in capital A debit records a decrease in assets A debit records an increase in expenses A debit records a decrease in liabilities ( (2 marks) QUESTION 7 What are the correct ledger entries to record closing accruals in the accounts? Select one answer. A B Dr Liability Cr Expenses Dr Expenses Cr Asset Dr Asset Cr Expenses Dr Expenses Cr Liability C D ANSWER: (2 marks) QUESTION 8 When preparing the financial statements of a business, the going concern concept should be applied if: Select one answer. . B C the business is not expected to incur losses the business is in danger of going into liquidation in the near future the business is expected to continue in operational existence for the foreseeable future the business will never go into liquidation D ANSWER: (2 marks)