Financial information should be neutral and bias free" is the dictation of which one of the following? A. Completeness concept B. Faithful representation Concept C. Objectivity Concept D. Duality Concept 6. Which of the following statements is not an objective of financial reporting? A. Provide information that is useful in investment and credit decisions. B. Provide information regarding policy of organisation C. Provide information that is useful in assessing cash flow prospective D. None of theses 7. A book containing a chronological record of business transaction & original record A. Journal B. Ledger C. Trial balance D. None of these 8. Which of these items would be accounted for as an expense? A. Repayment of bank Loan B. Dividend to stock holders C. The purchase of land D. Payment of current period rent 5.

Financial information should be neutral and bias free" is the dictation of which one of the following? A. Completeness concept B. Faithful representation Concept C. Objectivity Concept D. Duality Concept 6. Which of the following statements is not an objective of financial reporting? A. Provide information that is useful in investment and credit decisions. B. Provide information regarding policy of organisation C. Provide information that is useful in assessing cash flow prospective D. None of theses 7. A book containing a chronological record of business transaction & original record A. Journal B. Ledger C. Trial balance D. None of these 8. Which of these items would be accounted for as an expense? A. Repayment of bank Loan B. Dividend to stock holders C. The purchase of land D. Payment of current period rent 5.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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