Which of the following principles assumes that a business will continue for a long time? Select one: O a. Historical cost O O b. Periodicity c. Objectivity d. Going concern o Bt e Which of the following is not an objective of financial statements? Select one: a. To help managers to maximise their own wealth and the wealth of the shareholders. 0. b. To provide information to users that is useful for making and evaluating decisions about the allocation of scares resources c. To enable outsiders to access stewardship of management o d. To enable reporting entities to demonstrate accountability between the entity and those parties to which the entity is deemed to be accountable. e Next page ch ? E The following is a statement showing the financial status of the company at any given time Select one: O a. Profit and Loss statements O b. Balance sheet c. Statement of changes in equity d. Adjusted Trial Balance ge Next pag arch o te ? Which one of the following is a characteristic of a valid business transaction? Select one: O a. It is an event measurable in terms of money 0. b. It should be supported by a source document c. It affects the financial position of the business O d. All of the options page Next page Search o ai e a g 18 ? Fixed costs expressed on a per unit basis, Select one: a. will decrease with increase in level of activity O. b. will increase with increase in level of activity. c. are not affected by level of activity. O d. should be ignored in making decisions since they cannot change. ge Next pa arch