Peter has the following assets at various dates. He has no liabilities and earned no other income over this two-year period. Which of these statements is correct?
A) Peter's wealth increased by $10 000 over this two-year period.
B) Peter's profit was $3000 for the year ended 31 December Year 3.
C) Peter's wealth was $134 000 at 31 December Year 3.
D) Peter's loss was $8000 for the year ended 31 December Year 2.

Question

Peter has the following assets at various dates. He has no liabilities and earned no other income over this two-year period.  Which of these statements is correct?
A) Peter's wealth increased by $10 000 over this two-year period. 
B) Peter's profit was $3000 for the year ended 31 December Year 3. 
C) Peter's wealth was $134 000 at 31 December Year 3. 
D) Peter's loss was $8000 for the year ended 31 December Year 2.

Quizplus · Accepted Answer

The Answer of Peter has the following assets at various dates. He has no liabilities and earned no other income over this two-year period.  Which of these statements is correct?
A) Peter's wealth increased by $10 000 over this two-year period. 
B) Peter's profit was $3000 for the year ended 31 December Year 3. 
C) Peter's wealth was $134 000 at 31 December Year 3. 
D) Peter's loss was $8000 for the year ended 31 December Year 2.

Peter Has the Following Assets at Various Dates