State which of the following are shown under the wrong classification for Timo Werner's business: Assets Loan from Peter Moore Cash in hand Machinery Account Payables Premises Motor vehicles Liabilities Inventory Account Receivable Money owing to Bank of Montreal Loan to Jessie Norman 12. Which of the following is NOT an asset? a. Machinery b. Leasehold Land c. Loan to John Baker d. Loan from Samuel Black 13. Which of the following items will normally had a credit closing balance? a. Accounts Receivables b. Drawings c. Capital d. Inventory 14. If we prepare our sets of accounts based on the assumption that the company will operating for an indefinite period of time, then we are applying the a. Recognition Professional Behavior b. Going Concern c. Business entity d. None of the above. 10. All of the following are external users of accounting information, EXCEPT; a. Lenders such as Royal Bank Canada b. Budget Officers such as Cost Accountant c. Regulators such as the Canadian Securities Administrators d. Consumer groups 7. Examples of ethical issues in the world of business include: a. Properly labelling products in order to facilitate customers to make informed decisions b. Selling products to customers at the lowest price possible c. Providing a guarantee to customers that products will last for a specific amount of time d. Making products with high quality components to ensure durability