PLEASE CHOOSE THE CORRECT ANSWER AND PROVIDE AN EXPLAINATION FOR WHY THAT ANSWER WAS SELECTED. EXPLAINATIONS, EXPLAINATIONS

15. Mr. Hanna, a sole trader, forgot to include an unpaid invoice for repairs to his shop's generator. What is the effect of this omission? A. fixed assets are overstated . C. fixed assets are understated net profit is overstated net profit is understated D (1) 16. Michael Martin paid a supplier for the goods he had purchased. Which term describes this from the viewpoint of the supplier? capital expenditure A. B capital receipts C. revenue expenditure D revenue receipt (1) 17. Mr. North has prepared his Bank Reconciliation Statement beginning with the Balance as per Bank Statement. Which item is deducted from this balance amount in the Bank Reconciliation Statement? A Amounts not yet credited by the bank. Bank charges not recorded in the cash book. C. Standing Order paid by the bank but not entered in the cash book. Cheques issued to a supplier but not yet presented to the bank for payment. [1] B. D. 18. Peppi Cola uses the imprest Petty Cash System, If Peppi Cola has a float of $50.00 and spends $45.50 during the week, what amount needs to be reimbursed? A $4.50 B. $45.50 C. $50.00 3 D. S$4.50 [1]