Question

7.Which of the following instruments is used to inform the buyer how much is owed for the goods supplied?
(a)Order note
(b)Delivery note
(c)Receipt
(d)Invoice

8.Equity in business represents ______
(a)Creditor's interest
(b)Debtor's interest
(c)Employees' interest
(d)Ownership interest

9.Which of the following concepts is accounting equation based?
(a)Entity concept
(b)Accrual concept
(c)Cost concept
(d)Double-entry concept

10.The assumption that a business is not expected to be liquidated in the foreseeable future explains ____
(a)Entity concept
(b)Going concern concept
(c)Accrual concept
(d)Cost concept

Answer 1

7. (d)Invoice

8. (d)Ownership interest

9.(d)Double-entry concept

10.(b)Going concern concept