Which one of the following is not grouped together under property, plant and equipment? a. Vehicles b. Machinery c. Inventory d. Land Which of the following transactions could explain the reason for a decrease in the cash account and a decrease in profit? a. Payment of wages b. Owner withdrawing cash from the business bank account c. Loan repayment d. Payment to a supplier for goods purchased on credit Which stakeholder would be interested in social and environmental reporting? a. all of these stakeholders would be interested in the firm's social and environmental policies b. suppliers c. customers d. investors The objective of a for-profit entity is to: a. maintain the wealth of the owners. b. maximise the services provided from the resources they control. c. maximise the welfare of society. d. make a profit from the resources the owners' control. On 13 February, ATD Customs Pty Ltd provides a service to MJ Civil Pty Ltd with payment due within 30 days. On ATD Customs' statement of financial position, the amount owed by MJ Civil will be recorded as: a. an account payable. b. services income. c. a prepayment. d. an account receivable. Which of these is not part of a general journal entry? a. Date b. Classification of account (e.g. income, expense, asset) c. Account name d. Debit and credit columns Clear my choice Which of the following is an advantage of a partnership over a sole trader business? a. greater access to skills and resources. b. mutual agency. c. limited liability. d. not required to prepare financial statements in accordance with accounting standards