Hi, I need the answer for the multiple choice questions. Thanks!

1 Which accounting concept is being applied when goods taken by an owner for own use are treated as drawings? A business entity B materiality C realisation D substance over form 2 Why is an expense for depreciation included in the financial statements? A to charge the wear and tear on non-current assets against profits B to make cash available to replace non-current assets C to set cash aside for future repairs of non-current assets D to show the current market values of non-current assets A company incurred the following expenditures on a motor van. year 1 purchase of motor van 80 000 year 2 purchase of new tyres 2000 year 2 purchase of trailer attached to the motor van 10 000 Depreciation to all vehicles is 20% on cost. A full year's depreciation is charged in the year of purchase. What was the depreciation charge on vehicles for year 2? A $16000 B $16400 C $18000 D $18400 4 Which items will be debited to accounts in the purchases ledger? discount allowed 2 payments to suppliers 3 purchases 4 purchases returns A 1 and 2 B 1 and 4 C 2 and 3 D 2 and 45 A business keeps a separate sales ledger. Its nominal ledger includes a sales ledger control account. Which entry corrects the nominal ledger when the sales journal is undercast? account to debit account to credit D sales suspense sales trade receivables suspense sales D trade receivables sales 6 Which statement is correct? A The balance on the irrecoverable debts account is carried down to the next accounting period. B The balance on the irrecoverable debts account is treated as an expense in the income statement. C The balance on the provision for doubtful debts account is calculated before the deduction of irrecoverable debts. D The balance on the provision for doubtful debts account is not included in a trial balance. 7 What would result in cash coming into a business? A a transfer to general reserve B an issue of bonus shares C proceeds from the sale of a non-current asset D the revaluation of an asset 8 A sole trader has the following information available for rent and rates for a year. S opening accrual 750 bank payments during the year 2650 closing prepayment 850 What is the rent and rates expense to be included in the income statement for the year? A $1050 B $2550 C $2750 D $42509 A company sells goods at a mark-up of 25%. The following information was available at the end of the financial year. goods in warehouse $300 000 (cost) goods sent on sale or return $200 000 (at invoice price) What was the value of closing inventory in the financial statements? A $300 000 B $450 000 C $460 000 D $500 000 10 X started a business 3 years ago and now has a capital of $175000. Over that period his profits have been $73000 and his drawings $52000. In year 2 he introduced cash of $35000 and in year 3 he took out of the business, for his own use, a non-current asset with a net book value of $4000. How much capital did he start the business with? A $67 000 B $115000 C $123000 D $158000