Reference no: EM132968193

Problem 1: Which of the principle financial statements demonstrates how well a business has performed over an accounting period?

A)Statement of financial position

B)Control account reconciliation

C)Bank reconciliation

D)Statement of financial performance

Problem 2: Which of the following correctly sets out the accounting equation?

A)Net assets = Capital - Profit - Drawings

B)Net assets = Capital - Profit + Drawings

C)Net assets = Capital + Profits + Drawings

D)Net assets = Capital + Profits - Drawings

Problem 3: Ali introduces his car into his business. Which parts of the business' accounting equation will change?

A)Assets and capital

B)Capital and profit

C)Liabilities and assets

D)Capital and liabilities

Problem 4: Jo buys goods from Jamal for RM2,500. She returns half of the goods on 15 May. Which of the documents would be issued by Jamal for the return of goods?

A)Invoice

B)Credit note

C)Debit note

D)Remittance advice