________ characteristic requires financial information to be comprehensible. A. Verifiability B. Comparability C. Understandability D. Timeliness (1 mark)

15. Which of the following is a revenue item? A. Commission received B. Discount allowed C. Utilities D. Stationeries (1 mark)

16. The owners equity of a business entity will decrease when __________. i. goods are taken by the owner for personal use ii. a non-current asset is purchased by cash iii. owner's car is brought into the business iv. there is a net loss for the year A. i and ii B. i and iv C. ii and iii D. All of the above