Question 1 [5] MULTIPLE-CHOICE QUESTIONS Each of the following sub-questions contains one statement but with multiple possible answers. Only one of the answers is correct. Read each statement very carefully and then decide which one of the options is the correct one. Write down only the number of the sub- question and next to it the letter that represents the answer you selected. Example: If you believe that for sub-question 1.6 option C is correct, then write down: 1.6. c. (1) 1.1. Which of the following is NOT a registered entity in terms of the Companies Act? A. Sole proprietor B. Close corporation C. Public company D. Private company 1.2. International financial reporting standards are compiled by A. the International Accounting Standards Board B. the Department of Trade and Industry C. SAICA D. None of the above. 1.3. Which of the following is an asset? A. Accrued expenses B. Income received in advance C. Prepaid expenses D. Drawings (1) (1) 1.4. The financial statement that reports the revenue and expenses for a period of time such as a year or a month is known as the A. statement of comprehensive income B. statement of financial position C. statement of cash flow D. statement of changes in equity (1) 1.5. Credit sales are recorded in the A. Creditors Journal B. Debtors Journal C. Cash Payments Journal D. Cash Receipts Journal (1)