Question 6 Not complete Marked out of 0.5 Flag question A regular withdrawal of cash by the owner from the business is treated as a reduction in equity and is recorded in an account called: Select one: a. Mortgage b. Creditors c. Debtors d. Drawings Southside Manufacturing is preparing its purchases budget for the 3rd quarter of the year. The following information is given in units. Beginning inventory 550 Ending inventory 780 Sales forecast for second quarter 1,390 How many units should be purchased in the second quarter? a. 1,390 b. 1,620 c. unable to calculate from information provided d. 1,160 Question 8 Not complete Marked out of 0.5 P Flag question If inventory costs are rising which method gives the highest profit? Select one: a. LIFO b. FIFO. c. Weighted average. d. It is not possible to calculate which method gives the highest profit. Question 9 Not complete Marked out of 0.5 Flag question Objectives of a conceptual framework include: Select one: a. All of the above b. Improved communication c. Providing a defence against lobby groups d. Fewer and more consistent Accounting Standards The recording of transactions in the ledger always involves: Select one: a. Plenty of work for accountants b. Same dollar amounts of debits and credits c. The original recording of the transaction d. Same number of debit and credit entries