7) Which of the following statements is correct? a) When money is received from a customer prior to the delivery of goods or the performance of a service, it is recorded as revenue. b) The carrying amount of a depreciable asset is always equal to its actual value because depreciation is a valuation technique. c) A contra asset account is subtracted from a related asset account in the statement of financial position and has a normal credit balance. d) The balances of the Depreciation Expense and the Accumulated Depreciation accounts should always be the same. 8) Which of the following statements about bank reconciliation is correct? a) Deposits in transit should be added to the bank b) Interest earned on the bank account should be added to the bank c) Outstanding cheques should be deducted from the books d) EFT collection on account should be added to the bank