Question 1 of 28 1.0 Points Question 6 of 26 1.0 Points Indicate by choosing the correct option whether the following statement is true or false Settlement discount received will be disclosed as other income in the statement of profit or loss and other comprehensive income. A. True B. False Reset Selection State whether the following statement is true or false: When creditors are paid within a specific period according to an agreement, the entity may get a discount, called settlement discount received on the outstanding account. A. True . B. False Reset Selection Question 2 of 26 2 1.0 Points Question 7 of 26 7 1.0 Points State whether the following statement is true or false: If the information was entered correctly in the journal but a posting error was made to the trade payables ledger, the individual creditor's account must be corrected, and the creditors list must be adjusted to correct the error. A. True B. False Reset Selection Indicate by choosing the correct option whether the following statement is true or false: The bookkeeper of HS Stores forgot to enter a credit purchases transaction of R10 000 in the purchases journal, this omission will result in the trade payables balance being understated by R10 000 A. True B. False Reset Selection Question 3 of 26 1.0 Points Question 8 of 26 1.0 Points Indicate by choosing the correct option whether the following statement is true or false: The carrying value of a non-current asset is determined by subtracting accumulated depreciation of the non-current asset from the cost price of the non-current asset. A. True B. False Reset Selection State whether the following statement is true or false if the debit side of the asset realisation account is bigger than the credit side of an asset realisation account, the difference is a profit on sale of asset O A. True OB. False Reset Selection Question 9 of 26 9 1.0 Points Question 4 of 26 1.0 Points State whether the following statement is true or false: Debentures may be secured by a mortgage A. True B. False Reset Selection State whether the following statement is true or false: The only difference between debentures and a long-term loan is that with debentures there are several creditors, whereas with a long-term loan there is usually only one creditor which is usually a financial institution A. True B. False Reset Selection Question 5 of 26 1.0 Points Question 10 of 26 1.0 Points Indicate by choosing the correct option whether the following statement is true or false. A non- current asset will be scrapped when the asset is no longer useful, and traded in as partial payment on the purchase of a new asset O A. True B. False Reset Selection Indicate by choosing the correct option whether the following statement is true or false: A long-term borrowing will be shown at a redeemable amount on the statement of financial position A True B. False Reset Selection
