6. The journal entry to account for depreciation transaction is: a) Debit fixed assets a/c (SOFP): Credit provision for depreciation a/c (SOFP) b) Debit provision for depreciation a/c (SOFP): Credit depreciation a/c (IS) c) Debit depreciation (SOFP): Credit fixed assets a/c (IS) d) Debit depreciation a/c (IS): Credit provision for depreciation a/c (SOFP) 7. Which of the following should appear in the income statement? a) Rent b) Motor Vehicles C) Plant and Machinery d) Computer Equipment 8. Examine the working capital of Gordon shown below: Inventory Receivables Payables Bank overdraft 11,200 9,000 20.200 4.200 3,200 (7,400) Calculate the current ratio of Gordon a) 1.22:1 b) 1.51 : 1 c) 2.73:1 d) 2.37:1 9. Which of following statements refer to Management Accounting? 1) Management Accounting is usually forward looking. 2) Management Accounting provides information to internal users such as managers and decision makers. 3) Management Accounting practices is governed by law and/or regulation 4) Management Accounting information is available to public. a) 3,4 b) 1.2 c) 2,3 d) 1.4