Answered step by step
Verified Expert Solution
Question
1 Approved Answer
just need answer Question 118 The capital account of Benjie Maintenance, a sole trader, was credited with $15 000. Which of the following would not
just need answer
Question 118 The capital account of Benjie Maintenance, a sole trader, was credited with $15 000. Which of the following would not give rise to such a CREDIT? O a. The owner brought in his personal ride-on lawn mower (valued at $15 000) to be used by the business. O b. The business earned a profit of $15 000. O c. The owner introduced $15 000 new capital. O d. The owner purchased a family holiday valued at $15 000 using funds from the business. Question 58 The primary reason for developing a conceptual framework was to: Select one: a. Reduce the number of accounting standards needed. Ob. Assist in the development of the accounting standards. O c. Enable regulators to develop accounting standards that are consistent and logically formulated. O d. Provide an alternative view to the accounting standards. Question 95 If total sales is $90 000, office expenses is $30 000 and rent expense is $15 000, profit or loss is which of the following? O a $75 000 loss. O b. $45 000 loss. O c. $75 000 profit. O d. $45 000 profit. Question 88 An example of a question raised by an external decision maker is: Select one: O a. What products should be produced? O b. Is it better to purchase or lease an asset? OC. Is the business financially sound? O d. What will be the effect of increasing the selling price? Question 62 Omega Company reports the following balance sheet information for 2018. 1 January 2018 31 December 2018 Assets $80 000 $90 000 Liabilities $32 000 $38 000 Assuming the capital contributed by the owner during the year was $10 000 and owner withdrawals totalled $15 000, profit for 2018 must have been: Select one: O a. $9 000. O b. $4 000. C. Omega Company did not make a profit in 2018. O d. $21 000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started