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1) Which of the following statements is least correct? a. A small sole trader business...

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Accounting

1) Which of the following statements is least correct?

a. A small sole trader business would most likely account for income using the cash basis.

b. A large retail business that carries trading stock would generally account for income using the accruals basis.

c. Capital contributed to a business by its owner is not assessable income to the business.

d. Income in advance is generally assessable in the year of receipt.

e. Commissions received for the sale of goods on consignment are assessable income.

2) Which of the following is not food for GST purposes?

a. Cooking oils used to prepare food for human consumption.

b. Freshly picked strawberries.

c. Water for human consumption.

d. Lettuce growing in the ground.

e. Mixed spices used in flavouring food for human consumption.

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