Please highlight the following answers only select one answer for each question below

What does owner's equity NOT refer to?

	The difference between revenue and expenses
	The amount of the owner's investment
	The difference between assets and liabilities
	The value of the owner's investment

How does bookkeeping for a business and bookkeeping for an individual compare?

Question 7 options:

	They are basically the same.
	They are exactly the same.
	They are quite different.
	They are completely different.

When the petty cash fund is started, a debit is recorded to which account?

Question 8 options:

	Petty Cash Control
	Cash
	Bank
	Petty Cash

What is the petty cash fund used for?

Question 9 options:

	Investing excess funds not required for the near future
	Issuing cheques; same as the cash payments journal
	Small expenditures for which cheques would be impractical
	Keeping small amounts of cash before depositing them into the bank