Reference no: EM132658216
Problem 1: The principle that any personal transactions undertaken by the owner of an entity must be kept separate from the transactions of the business is known as :
A) Entity principle
B) Principle of duality
C) Consistency principle
D) Accrual principles
Problem 2: Complete the following sentence. The purpose of the statement of changes in equity is to :
A) Measure the performance of the entity by determining the profit or loss for the financial period.
B) Measure the ability of an entity to generate, manage and utilize cash effectively.
C) Express the financial position at a given point in time.
D) Reconcile the net worth of an worth of an entity at the begining of the financial period to the net worth at the end of the financial period.
Problem 3: Which one of the following statements concerning assets is correct?
A) Physical form is essential to the existence of an asset.
B) Ownership is essential to recognize a resource in the financial statements.
C) An assets is a present obligation of an entity arising rom past events.
D) Control is essential to recognize a resource as an asset.
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