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The capital account of Benjie Maintenance, a sole trader, was credited with $15 000
The capital account of Benjie Maintenance, a sole trader, was credited with $15 000. Which of the following would not give rise to such a CR?
Select one:
a. The owner brought in his personal ride-on lawn mower (valued at $15 000) to be used by the business.
b. The owner purchased a family holiday valued at $15 000 using funds from the business.
c. The owner introduced $15 000 new capital.
d. The business earned a profit of $15 000.
The balance sheet may list current assets in their order of liquidity. Liquidity refers to:
Select one:
a. whether the asset is held as security over a liability.
b. the entity’s operating cycle.
c. the average length of time it takes to convert an asset into cash.
d. how many buyers there are for the asset.
The professional and ethical standards established by the APESB require accountants to adhere to various aspects of professional accounting activities including:
Select one:
a. Option A. only.
b. Both A. & B.
c. conformity with the law, competence, accounting standards.
d. independence, auditing and assurance standards, client confidentiality.
Expert Solution
(1) option:B
because here the owner withdrawn funds from the business then , capital account should not be credited
(2)option:C
Explaintaion: Liquidity means how quickly you can get your hands on your cash. In simpler terms, liquidity is to get your money whenever you need it
(3)Before conclusion of option we have to read out below one !
The role of APESB is to develop and issue professional and ethical standards in the public interest that apply to members
Responding to Non-compliance with Laws and Regulations (NOCLAR) is a new section of the Code. It provides a framework to guide professional accountants in what actions to take in the public interest when they become aware of a suspected illegal act or NOCLAR, committed by a client or employer.
So both option C and D are correct
and question framing may be gone wrong because above two options should in place of A and B
so that both of them will be right
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