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Identify the appropriate qualitative characteristic(s) being described in the statements below.

The amounts and descriptions in financial statements should agree with the elements or events that these amounts and descriptions purport to represent due to this fundamental quality of information.

Select one:

a. Materiality

b. Comparability

c. Relevance

d. Faithful representation

e. None of the answers are correct

2) Muscat company purchased office equipment for R.O 10,000 and office supplies of R.O 2,000 on account.

Which of the following journal entries is recorded correctly and in the standard format?

Select one:

a. Office Equipment............................................................ 10,000

Office Supplies................................................................ 2,000

Accounts Payable................................................ 10,000

b. No entrynot a transaction.

c. Office Equipment............................................................ 10,000

Account Payable.................................................. 12,000

Office Supplies................................................................ 2,000

d. Accounts Payable............................................................ 12,000

Office Equipment................................................ 10,000

Office Supplies.................................................... 2,000

e. Office Equipment.................................................. 10,000

Office Supplies...................................................... 2,000

Accounts Payable......................................... ....... 12,000

3)

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