I Only Want The Correct Option in these MCQs can u please help me 41. Imran's financial year ends on 31 December. A machine purchased on 1 January 2015 for$20 000 was sold on 30 June 2017 for $8500. The machine had been depreciated using thestraight-line method at 25% per annum on a month by month basis.What was the profit or loss on the disposal of the machine?a. loss $1000b. loss $1500c. profit $1000d. profit $150042. under a perpetual inventory system, when goods are purchased for resale by a company:a. purchases on account are debited to Inventory.b. purchases on account are debited to Purchases.c. purchase returns are debited to Purchase Returns and Allowances.d. freight costs are debited to Freight-out.43. The sales accounts that normally have a debit balance are:a. Sales Discounts.b. Sales Returns and Allowances.c. Both (a) and (b).d. Neither (a) nor (b).44. Bell Company has the following:UnitsUnit CostInventory, Jan. 18,000$1Purchase, June 1913,00012Purchase, Nov. 85,00013If Tinker Bell has 9,000 units on hand at December 31, the cost of the ending inventory underFIFO is:a. $99,000b. $108,000c. $113,000.d. $117,00045. Using the data in Question 44 above, the cost of the ending inventory under LIFO is:a. $113,000b. $108,000c. $99,000.d. $100,00011 37. Which of the following statements about the accrual basis of accounting is false?a. Events that change a company's financial statements are recorded in the periods in which theevents occur.b. Revenue is recognized in the period in which it is earned.c. This basis is in accord with generally accepted accounting principles.d. Revenue is recorded only when cash is received, and expense is recorded only when cash ispaid.38. Adjustments for unearned revenues:a. decrease liabilities and increase revenues.b. have an assets and revenues account relationship.c. increase assets and increase revenues.d. decrease revenues and decrease assets.39. The principle or assumption dictating that efforts (expenses) be matched withaccomplishments (revenues) is the:a. expense recognition principle.b. cost assumption.c. time period principle.d. revenue recognition principle.40. What is correct about a bank reconciliation statement?prepared bythe bankprepared bythe traderpart of double entrybook-keepingAnoyesnonoyesyesyesnonoDyesnoyes10

41. Imran's financial year ends on 31 December. A machine purchased on 1 January 2015 for $20 000 was sold on 30 June 2017 for $8500. The machine had been depreciated using the straight-line method at 25% per annum on a month by month basis. What was the profit or loss on the disposal of the machine? a. loss $1000 b. loss $1500 c. profit $1000 d. profit $1500

41. Imran's financial year ends on 31 December. A machine purchased on 1 January 2015 for $20 000 was sold on 30 June 2017 for $8500. The machine had been depreciated using the straight-line method at 25% per annum on a month by month basis. What was the profit or loss on the disposal of the machine? a. loss $1000 b. loss $1500 c. profit $1000 d. profit $1500

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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Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
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