QUESTION 1 Which basic activity does accounting not consist of?    a

Question 1.

Basic activity of accounting does not consists of d. Contributes

Identifying, recording and communicating are activties of accounting.

Question 2

Income (profit) is the excess of revenues over expenses. True

Question 3

Assets=Liabilities+Owner's Equity is the basic equation of accounting.

Question 4

Working Capital = Current Liabilities - Current Assets. False

Working Capital is calculated as Current Assets - Current Liabilities.

Question 5

Working capital is not an activitiy affecting cash flow.

Investing activiting, financing activity and operating activity are the 3 cash flow activities.