This documents consists of 10 Questions and answers on multiple choice questions on introduction to financial accounting kcq 2 and will assist you in your understanding of basic accounting concepts
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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
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