Information about an item is . . . . . . . . if its omission or misstatement might influence the financial decision of the users taken on the basis of that information

The nature of financial accounting is:

A. Historical

B. Forward looking

C. Analytical

D. Social

Interest on drawings is:

A. Expenditure for the business

B. Cost for the business

C. Gain for the business

D. None of the above

Which of these items would be accounted for as an expense?

A. Repayment of bank loan

B. Dividend to stock holders

C. The purchase of land

D. Payment of current period rent

Debit the receiver credit the giver rule for:

A. Real a/c

B. Personal a/c

C. Nominal a/c

D. None of these