JULY 2019 INSTRUCTION: Answer ALL questions Please use the objective answer sheet provided. nterpreting finance Financial Accounting can be defined as A The process of recording, summarizing, analyzing, and interprer statements for decision making people and summarizing their activiti B. The science and art of managing people and C. The preparation of bank statement D. The art and science of managing finance The legal forms of business organizations includes II. III. Sole Proprietorship Partnership Corporations Association I and IV only land Ill only A C. D. I,II, and III None of the above B 3. The users of accounting information, Bankers II. Managers III. Tour Agencies IV. Shareholders A. I and Ill only B. I,II, and IV C. D. III and IV only I and III II. III. Which of the statements below are correct? The advantages of a Sole Proprietor It is easy to run this business due to easy formation The owner is his own boss, and has total control over the business The owner gets 100% of the profits IV Easy to obtain financing from banks II and IV only C. III and IV only B. I and IV only D. I, II and III A