The accounting entity concept indicates that

Select one:

a. Sole trader needs to record and report business transaction separately from the personal transactions

b. Only company structure needs to maintain records

c. No matter what business structure is chosen, the records of the business must be kept separate from the financial and personal affairs of the owner(s)

d. Only trust structure needs to report to the government

Which of the following statements are not true for the sole traders?

I. They are not normally reporting entity II. They are single owner business III. The sole trader entities pay tax. IV. They are separate legal entities. V. They are relatively simple and cheap to set up.

Select one:

a. I and III

b. I, III and IV

c. III and IV

d. I, II and IV

A company is an independent legal entity. It means

Select one:

a. The shareholders and managers cannot be the same

b. The owners and managers are two separate parties

c. The company can enter into contracts, incur debts and pay taxes independently of its owners

d. The companys owners do not have to pay tax at all

Which of the following measurements are used to evaluation an investment centre performances? I. Return on investment (ROA) II. Return on equity (ROE) III. Residual income (RI) IV. Economic value added (EVA)

Select one:

a. I, III and IV

b. I, II and III

c. I and II

d. II, III and IV