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Refer to the Exhibit.

What is the correct ledger entry for purchase of goods on credit?
The answer is:
The owner of a business takes goods from inventory for his own personal use
Which of the following accounting concepts would be relevant to this transaction?
If an auditor expresses an opinion of `fair presentation' on a set of financial statements, this means:
Different users have different needs from financial information. One of which is to assess how effectively management is performing and how much profit will be available to be distributed.
Which of the following users will have this need for information?
A trial balance should be extracted from the ledger accounts prior to preparing the final accounts because: