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Which one of the following can the accounting equation can be rewritten as?

A

Assets + profit - drawings - liabilities = closing capital

B

Assets - liabilities - drawings = opening capital + profit

C

Assets - liabilities - opening capital + drawings = profit

D

Assets - profit - drawings = closing capital - liabilities

A trader's net profit for the year may be computed by using which of the following formulae?

A

 Opening capital + drawings - capital introduced - closing capital

B

Closing capital + drawings - capital introduced - opening capital

C

Opening capital - drawings + capital introduced - closing capital

D

Opening capital - drawings - capital introduced - closing capital

The profit earned by a business in 20X7 was $72,500. The proprietor injected new capital of $8,000 during the year and

withdrew goods for his private use which had cost $2,200. If net assets at the beginning of 20X7 were $101,700, what were

the closing net assets?

A

$35,000

B

$39,400

C

$36,400

D

$180,000

The profit made by a business in 20X7 was $35,400. The proprietor injected new capital of $10,200 during the year and

withdrew a monthly salary of $500.If net assets at the end of 20X7 were $95,100, what was the proprietor's capital at the

beginning of the year?

A

 $50,000

B

$55,500

C

$63,900

D

$134,700

Which TWO of the following are the parties involved in a civil law case? 

(1) Accused  

(2) Defendant  

(3) Claimant 

 (4) Prosecution 

A

 1 and 4

B

 1 and 3

C

 2 and 3

D

 2 and 4 

In the civil law system, cases are allocated to one of three 'tracks' for processing. 

Which of the following is NOT a 'track' in the civil law system? 

A

Fast 

B

Medium

C

 Small 

D

 Multi 

In the criminal law system, an immediate appeal regarding a decision by a Magistrate's Court could be heard by which of the following courts? 

A

The County Court

B

The Crown Court 

C

The Court of Appeal

D

 The Supreme Court 

Which of the following courts only has civil jurisdiction? 

A

 The County Court 

B

 The Magistrate's Court 

C

The Court of Appeal 

D

The Privy Council 

The Chancery Division of the High Court hears cases involving which of the following matters? 

A

Contract law 

B

Trusts and mortgages 

C

Matrimonial cases

D

 Adoption of children 

 Which TWO of the following are types of offences heard by a Magistrate's Court? 

(1) Indictable  

(2) Summary  

(3) Triable either way  

(4) Hybrid 

A

 1 and 3 

B

1 and 4 

C

 2 and 3 

D

 2 and 4