SECTION A: MULTIPLE CHOICE QUESTIONS Answer ALL the questions. This section carries 10 marks. 1. Which of the following is correct about owner equity? A. Obligation of the company B. Belonging of the company C. Belonging of the owner D. Obligation of the employee 2. All of the following are assets EXCEPT A. Account receivables B. Insurance receivables C. Plant and equipment D. Rental received 3. Which of the following is NOT source document? A. Invoice B. Receipt C. Cheque D. Income statement 4. Accounting is A. The act of exchanging products B. The process of managing financial related information C. The process of managing the company D. The process of selling goods and services 5. Which of the following is internal user of accounting information? A. Consumer B. Supplier C. Employee D. Government