Which one of the following is the correct name of one of the elements of financial statements as contained in the latest Conceptual Framework? (a) The Statement of Income and Expenses (b) The Statement of Profit and Loss The Statement of Profit or Loss (d) The Statement of Net Profit 6. Which one of the following is incorrect? (a) Assets Owners Equity + Liabilities (b) Owners' Equity Assets Liabilities (C) Liabilities +Assets Owners Equity (d) Assets-Owners Equity = Liabilities 7. Which statement Incorrectly represents the double entry principle? (a) Drawings increase on the credit side (b) Rental Income increases on the credit side (c) Mortgage bond increase on the credit side- (d) Capital Increases on the credit side 8. Which of the following is not a book of original entry? (a) Cash Book (B) Sales Journal (c) Petty Cash Book (d) General Ledger 9 9. Which of the following represents the correct sequence of events? (a) Source Document - Transaction-Journals - Ledger-Trial Balance - Financial Statements J (b) Transaction-Source Document - Journals - Ledger - Trial Balance - Financial Statements (c) Transaction - Source Document - Ledger-Journal - Trial Balance - Financial Statements (d) Transaction-Source Document - Trial balance-Ledger-Journals - Financial Statements 10. Which of the following is a correct closing entry? (a) The sales account closes off to the Profit or Loss Account (b) The Trading Account closes off to the Profit or Loss Account (c) Credit Losses close off to the Trading Account (d) The Profit or Loss Account closes off to the Trading Account