9. Which of following statements refer to Management Accounting? 1) Management Accounting provides information to internal users such as managers and decision makers. 2) Management Accounting provides information to external users such as shareholders and lenders. 3) Management Accounting is usually forward looking. 4) Management Accounting practices is governed by law and/or regulation. 5) Management Accounting information is available to public. a) 4,5 b) 3,5 c) 2,3 d) 1,3 10. Complete the following statement: Statement of Financial Position ..... a) is constructed based on accounting equation and contains financial data about assets, liabilities and capital of the business entity. b) measures and reports the gross profit that the business entity has generated. c) is also known as Income Statement. d) shows how cash has been generated and disposed of, by a company, or sources of and uses of cash. 7. Sarah is a sole trader and had assets of 155,000 and liabilities of 45,000 on 1 January 2020. During the year ended 31 December 2020 she paid 60,000 capital into the business and she paid herself wages of 900 per month. At 31 December 2020, Sarah had assets of 225,000 and liabilities of 65,000. What is Sarah's profit for the year ended 31 December 2020? a) 19,200 b) 40,800 c) 90,000 d) 139,200