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Sole Trader Quiz

Which one of the following is true?

A piece of machinery held for continued use in the business would usually be stated in the balance sheet at:

Drawings by a sole trader are:

A business has net assets at the beginning of 2007 of £101,700. The profit earned by the business in 2007 was £72,500. The owner withdrew goods for his own private use which had cost £2,500. What were the net assets at the end of 2007?

An asset, for accounting purposes, is essentially a resource held by the business which has certain characteristics. Which of the following is NOT a required characteristic of an asset?

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