Blackboard X X & O Remaining Time: 1 hour, 53 minutes, 41 seconds. Question Completion Status: Which of the following statements is NOT CORRECT? O Sales minus the cost of goods sold minus all expenses incurred equals Net Profit O The amount a business owes its owner decreases by the Net Profit it makes in the year. O The amount a business owes its owner decreases by the drawings he makes in the year The gross profit less all expenses of operating a business is the Net Profit QUESTION 16 Which of the following is the definition for provision? O Present obligation as a result of past events O Possible obligation depends on whether some uncertain future event occurs Possible obligations and present obligations that are not probable or not reliably measurable O Aliability of uncertain timing or amount. G3 QUESTION 17 On 1 May 2021, Jasmine paid an annual insurance charge of RM1,800 for the period to 30 April 2022. What is the charge to the statement of profit or loss and the entry in the statement of financial position for the accounting period ended 30 November 20212 O RM1.050 was charged to the statement of profit or loss and prepayment of RM750 in the statement of financial position RM750 charged to statement of profit or loss and prepayment of RM1,050 in the statement of financial position O RM1,800 charged to statement of profit or loss and no entry in the statement of financial position ORM1,050 charged to statement of profit or loss and accrual of RM750 in the statement of financial position Click Save and Submit to save and submit. Click Save All Anteers to save all awers Esc F1 F2 F3 40 FA 144 # $ F5 711 % DELL F6 F7 FB F9 F10 F11 F12 PrtScr