"Distinction should be made between the personal transactions of owner and those of entity." Which of the following is the accounting concept defined in the paragraph? Select one: a. Going Concern O b. Dual Aspect O c. Business Entity O d. none of the option

The abbreviation for GAAP is Generally Accepted Accounting Principles. Select one alternative: True False

What do the following account types fall under DR or CR and under what part of the accounting equation are they entered? I know Assets are a DR and under Assets of course and Liabilities CR under liabilities and Equity CR under SE. But what about Revenue and Expenses

11. Which of the following statements are true? An accounting Conceptual Framework:   (i) Sets out who the users of the accounts are and how it is to be used (ii) Is not an obligatory piece of legislation (iii) Defines concepts such as going concern, relevance and materiality a)All of the above is true Only b)  (i) is true c) Only (ii) and (iii) is true d) (i) and (iii) is true   16. Which of the following statements about the accounting regulatory framework is not correct? a)  It seeks to safeguard the public’s confidence in financial accounts. b)  It ensures maximisation of dividend yield. c)  It seeks to curb any attempt by directors to use inappropriate accounting policies and methods. d)  It seeks to promote consistency of accounting practices, whilst permitting appropriate exercise of professional judgement.   17. Which of the following statements about the Statement of Cash Flows (SCF) is incorrect? a)  Unlike the Statements of Income and of…