*** 7. In the balance sheet of a company, retained earnings is a type of a) Accounts payable b) equity c) debt d) a, b, c are wrong 8- The cash generated by the salvage value of a used asset) when we sell the asset is a cash flow associated with a) Operating activities b) Investing activities c) Financing activities d) none of the above False 9. Under MACRS, in depreciation process of real properties, mid-year convention is used. True True False 10. In book depreciation method, the salvage value of property is assumed to be zero. 11- Cost basis for tax depreciation is not the same as cost basis for book depreciation. True False