Which of the following groups of persons monitors a company's financial statements to discover a desirable rate of return on capital?

$($A$)$ Investors

$($B$)$ Suppliers

$($C$)$ Customers

$($D$)$ Employees

Which of the following terms describes a report which indicates whether the business has made a profit or loss?

$($A$)$ Ledger

$($B$)$ Trial Balance

$($C$)$ Balance Sheet

$($D$)$ Income Statement

Which of the following lists of activities shows the stages of the accounting cycle in the correct order?

$($A$)$ Posting to Ledger, Journalizing, Trial Balance, Final Accounts

$($B$)$ Posting to Ledger, Trial Balance, Journalizing, Final Accounts

$($C$)$ Journalizing, Posting to Ledger, Trial Balance, Final Accounts

$($D$)$ Journalizing, Trial Balance, Posting to Ledger, Final Accounts

Which statement BEST explains the term 'consistency' as used in accounting?

$($A$)$ Procedures in accounting are subject to change each year.

$($B$)$ lirms can choose different methods each year to reflect the best financial results.

$($C$)$ Separate methods of depreciation can be used in determining profits for taxation purposes.

$($D$)$ The accounting treatment for depreciation, once fixed, must be treated in the same way thereafter.

A statement of the balances of the accounts taken from the Ledger and arranged under assets and liabilities is called

$($A$)$ a Trial Balance

$($B$)$ a Balance Sheet

$($C$)$ an Income Statement

$($D$)$ a Statement of Account