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1

Accounting

1.1 A _____ trades for profit. It is not owned by the government and is allowed to offer its shares to the public.
A. state-owned company (Soc Ltd)
B. public company (Ltd)
C. private company (Pty) Ltd
D. non-profit company (NPC)

1.2 Financial information prepared by bookkeepers and accountants of private companies are used by _____.
A. lenders
B. investors
C. the general public
D. All of the above.

1.3 The accounting equation is:
A. Assets = Owner’s equity + Liabilities
B. Owner’s equity = Assets + Liabilities
C. Liabilities = Owner’s equity + Assets
D. Assets = Owner’s equity – Liabilities

1.4 The following is an example of an expense account:
A. Interest received
B. Repairs and maintenance
C. Share capital
D. Equipment

1.5 The following is an example of an income account:
A. Interest received
B. Repairs and maintenance
C. Share capital
D. Equipment

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