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Problem 1: Accounting is best described as _________________.
A. recording all financial transactions systematically.
B. recording all production costs and profitability of a business.
C. classifying, recording, summarising and intrepreting all financial transactions of a business.
D. recording all assets and liabilities of a business.
Problem 2: What is the range number of owners in private limited company?
A. 1 - 50
B. 2 - 20
C. 2 - 50
D. 1 - No limit
Problem 3: Which type of business organisation has the following characteristics:
Owned by 2 to 20 persons
Unlimited liability
No legal obligation to prepare the financial statements
A. Sole proprietorship
B. Partnership
C. Private limited company
D. Public limited company
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