Indicate the effects of the following transactions on assets and liabilities.

here are the solutions to your questions: 23. State four challenges faced in the satisfaction of human wants. i. Scarcity of resources: The available resources (land, labor, capital) are limited compared to the unlimited human wants. ii. Unlimited and recurring nature of wants: Human wants are endless and keep reappearing, making complete satisfaction impossible. iii. Opportunity cost: Satisfying one want often means foregoing another, as resources must be allocated. iv. Changing nature of wants: Wants are dynamic and evolve over time due to factors like technology, fashion, and income, making them difficult to fully satisfy. 24. Highlight four measures that the government may take to encourage entrepreneurship in the country. i. Providing access to finance: Offering loans, grants, and subsidies to start-ups and small businesses. ii. Creating a favorable regulatory environment: Reducing bureaucracy, simplifying business registration, and ensuring fair competition. iii. Offering training and mentorship programs: Equipping aspiring entrepreneurs with necessary skills and guidance. iv. Developing infrastructure: Improving roads, electricity, internet connectivity, and other essential services to support business operations. 25. Indicate the effects of the following transactions on assets and liabilities. | Transaction | Assets | Liabilities | | :--------------------------------------------------------- | :----------------------------------- | :---------------------------------------- | | i. Bought a new motor van on credit | Increase (Motor Van) | Increase (Creditors) | | ii. Paid creditors by cheque | Decrease (Bank) | Decrease (Creditors) | | iii. The owner donated his personal house for business use | Increase (House) | No effect (Owner's equity increases) | | iv. The owner used part of business stock for a church function. | Decrease (Stock) | No effect (Owner's equity decreases) | Drop the next question 📸