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The capital account of Benjie Maintenance, a sole trader, was credited with $15 000

Accounting

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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.