7. A company purchased a POS cash register on January 1 for RMS,400. This register has a useful life of 10 years and a salvage value of RM400. What would be the depreciation expense for the second-year of its useful life using the double-declining-balance method? a. RM864 b. RM812 c. RM800 d. RM755 8. Which of the following is NOT an activity listed in the statement of cash flows? a. Investing Activities b. Financing Activities c. Operating Activities d. Funding Activities 9. Which of the following is an example of a deferral? a. Accruing year-end wages b. Recording prepaid rent c. Recognizing revenues earned but not yet recorded d. Recognizing expenses incurred but not yet recorded 10. Deciding whether to record a sale when the order for services is received or when the services are performed is an example of a issue. a. recognition b. valuation c. classification d. communication

7. A company purchased a POS cash register on January 1 for RMS,400. This register has a useful life of 10 years and a salvage value of RM400. What would be the depreciation expense for the second-year of its useful life using the double-declining-balance method? a. RM864 b. RM812 c. RM800 d. RM755 8. Which of the following is NOT an activity listed in the statement of cash flows? a. Investing Activities b. Financing Activities c. Operating Activities d. Funding Activities 9. Which of the following is an example of a deferral? a. Accruing year-end wages b. Recording prepaid rent c. Recognizing revenues earned but not yet recorded d. Recognizing expenses incurred but not yet recorded 10. Deciding whether to record a sale when the order for services is received or when the services are performed is an example of a issue. a. recognition b. valuation c. classification d. communication

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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