Mancosa intro to financial accounting kcq 2 answers, Assignments of Financial Accounting

Download Mancosa intro to financial accounting kcq 2 answers and more Assignments Financial Accounting in PDF only on Docsity! Introduction to financial accounting KCQ2 10 Questions and answers Please leave a review on Stuvia. I would love to hear from you! 1.Some items that can be identified as components of the financial position consists of the following except  Cost of sales  Mortgage  Trade Receivables  Retained earnings 2. Mrs Masondo , the owner of Masinovations , invested some funds to start the business. She contributed R138 750 , borrowed R200 000 from the bank and R11 250 from a local loan shark. What is the value that will attract interest?  R211 250  R350 000  R338 750  R337 750 3. Which of the following combination are (is) not true from the statement below : i.A one-man business is a limited liability company ii.Difference between assets and liabilities give rise to what is owned by the business iii.Investment is recorded on the equity side of the statement of financial position. ivElectricity paid is recorded under the second section of the statement of Comprehensive income  Combination (ii) and (iv)  Combination (ii) and (iii)  Combination (i) and (iii)  Combinations (i) and (iv) 4.Which of the following statement is true ?  Accounting is concerned with collecting , understanding and communicating financial information  Accounting is concerned with collecting , analysing and communicating financial information  Accounting is concerned with analysing ,collecting and communicating financial information  Accounting is concerned with communicating , analysing and collecting financial information 5.Nerman , an accountant at Plutotech Inc. drew up the financial statement of Plutotech Inc. for the year 2021 for the