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Question 21

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If you had $ 200 all your own capital and used it to purchased 10 back packs then you sold these backpacks at 100% markup how much would be your owners equity afterwards

a.

$ 200

b.

CANNOT CALCULATE

c.

$300

d.

$400

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Question 22

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A company can report financial results each year each quarter or each month with the issuance of financial statements Which underlying assumption is being highlighted by this example

a.

monetary unit assumption

b.

going concern concept

c.

economic "entity" concept

d.

periodicity assumption

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Question 23

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Which of the following assumption or concept ignores inflation

a.

periodicity assumption

b.

monetary unit assumption

c.

reliability concept

d.

economic "entity" concept

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Question 24

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If a company is facing bankruptcy from which it is quite doubtful that the firm may even recover

a.

periodicity assumption

b.

going concern concept

c.

economic "entity" concept

d.

monetary unit assumption