Can you please answer this question?

7} Tangible Assets Q - Compatibility Mode Home Insert Draw Design Layout References Mailings Review View 9 Tellme AaBchDdEe AaBchD AaBchDa Heading 1 [an o X TimesNew... v 12 v AA AV Aav 150:3 V g: V '7. V [ No Spacing Heading 2 BIgvabxzx' [7.1 What is the purpose of charging depreciation in accounts? A To allocate the cost of a noncurrent asset over the accounting periods expected to benet 'om its use B To ensure that nds are available for the eventual replacement of the asset C To reduce the cost of the asset in the statement of nancial position to its estimated market value D To account for the 'wearingout' of the asset over its life 7.2 Which of the statements below correctly states the purpose of the asset register? A An internal control to ensure details of all assets are readily available in the event of loss or the B To ensure the organisation is aware of the age of plant and machinery C An internal control to ensure information relating to non-current assets in the nominal ledger and the nancial statements is correct D To enable the organisation to comply with LAS 16 Property, plant and equipment 7 .3 An asset register showed a carrying value of $67,460. A non-current asset costing $15,000 hadheen sold for $4,000, maldng a loss on disposal 0f$1,2501 No entries hadbeen made in the asset register for this disposal. What is the correct balance on the asset register? A $42,7 1 0 B $5 1,210 C $53,710 D $622 1 0 7.4 An organisation's asset register shows a carrying value of $145,600. The non-current asset account in the nominal ledger shows a carrying value of $135,600. The difference could be due to a disposed asset not having been deducted orn the asset register. Which one of the following could represent that asset? A Asset with disposal proceeds of $15,000 and a prot on disposal of $5,000 B Asset with disposal proceeds of $15,000 and a can'ying value of $5,000 C Asset with disposal proceeds of $15,000 and a loss on disposal of $5,000 D Asset with disposal proceeds of $5,000 and a carrying value of $5,000 7.5 _Which one of the following would occur if the purchase of computer stationary was ' l2 G Comments \"4' Sensitivity Editor 13 Share 0 Dictate Page 1 of 6 1885 words U3 English (Malaysia) Focus u E, 121% _V+ AutoSave OFF 9069 ... Tangible Assets Q - Compatibility Mode - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me Share Comments Times New... v 12 A A Aa A AaBbCcDdEe AaBbCcDdEe AaBbCcD AaBbCcDa AaBbCcD Paste BIUvab X X A DAY Normal No Spacing Heading 1 Heading 2 Title Styles Dictate Sensitivity Editor Pane 7.5 Which one of the following would occur if the purchase of computer stationary was debited to the computer equipment at cost account? A An overstatement of profit and an overstatement of non-current assets B An understatement of profit and an overstatement of non-current assets C An overstatement of profit and an understatement of non-current assets D An understatement of profit and an understatement of non-current assets 7.6 Which one of the following statements correctly defines non-current assets? A Assets that are held for use in the production of goods or services and are expected to be used during more than one accounting period B Assets which are intended to be used by the business on a continuing basis, including both Tangible and intangible assets that do not meet the IASB definition of a current asset C Non-monetary assets without physical substance that are controlled by the entity and from which future benefits are expected to flow D Assets in the form of materials or supplies to be consumed in the production process 7.7 A company bought a property four years ago on 1 January for $ 170,000. Since then property prices have risen substantially and the property has been revalued at $210,000. The property was estimated as having a useful life of 20 years when it was purchased. What is the balance on the revaluation surplus reported in the statement of financial position? A $210,000 B $136,000 C $74,000 D $34,000 Page 1 of 6 1885 words X English (Malaysia) Focus E + 121%AutoSave OFF 9069 ... Tangible Assets Q - Compatibility Mode - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me Share Comments Times New... v 12 A A Aa A AaBbCcDdEe AaBbCcDdEe AaBbCcD AaBbCcDa AaBbCCD Paste BIUvab X X A DAY Norma No Spacing Heading 1 Heading 2 Title Styles Dictate Sensitivity Editor Pane 7.8 A business purchased a motor car on 1 July 20X3 for $20,000. It is to be depreciated at 20 per cent per year on the straight line basis, assuming a residual value at the end of five years of $4,000, with a proportionate depreciation charge in the years of purchase and disposal The $20,000 cost was correctly entered in the cash book but posted to the debit of the motor vehicles repairs account. How will the business profit for the year ended 31 December 20X3 be affected by the error? A Understated by $18,400 B Understated by $16,800 C Overstated by $18,400 D Overstated by $16,800 7.11 A manufacturing company receives an invoice on 29 February 20X2 for work done on one of its machines. $25,500 of the cost is actually for a machine upgrade, which will improve efficiency. The accounts department do not notice and charge the whole amount to maintenance costs. Machinery is depreciated at 25% per annum on a straight-line basis, with a proportional charge in the years of acquisition and disposal. By what amount will the profit for the year to 30 June 20X2 be understated? A $19,125 B $25,500 C $23,375 D $21,250 7 12. W honght a new printing machine. The cost of the machine was $80 000 The Page 2 of 6 1885 words X English (Malaysia) Focus E + 121%AutoSave 7} Tangible Assets Q - Compa Home Insert X la\"E Draw Times New... BIgvabxzx' AVIVAV Design Layout References Mailings Review View Q Tellme ashare Ccmments v 12 v AA AV Aav A) AaBchDdEe AaBbCCD AaBchDa AaBchD ) Q K'J V 4- No Spacing Heading 1 Heading 1 'rirle Styles Dictate Sensitivity Editor / Pane 7.12 W bought a new printing machine. The cost of the machine was $80,000. The installation costs were $5,000 and the employees received training on how to use the machine, at a cost of $2,000. Before using the machine to print customers' orders, a test ms undertaken and the paper and ink cost $1 ,000. What should be the cost of the machine in the company's statement of nancial position? A $80,000 B $85,000 C $86,000 D $88,000 7.13 What are the correct ledger entries to record an acquisition of a non-current asset on credit? Debit Credit A Non-current assets cost Receivables B Payable: Non-current assets cost C Nonantent assets cost Payables D Non-current assets cost Revaluation surplus 7.15 Which of the following statements are correct? 1 IAS 16 Property, plant and equipment requires entities to disclose the purchase date of each asset. 2 The carrying amount of a non-current asset is the cost or valuation of that asset less accumulated depreciation. 3 IAS 16 Property, plant and equipmt permits entities to make a transfer from the revaluation surplus to retained earnings for excess depreciation on revalued assets. 4 Once decided, the useful life of a non-current asset should not be changed. A 1, 2 and 3 B 2 and 3 only C 2 and 4 only D 1, 2 and 4 only 7.18 Which of the following should be disclosed for tangible non-current assets according to IAS 16 Property, plant and equipment? 1 Depreciation methods used and the total depreciation allocated for the period 2 A reconciliation of the carrying amount of noncurrent assets at the beginning and end of the period 3 For revalued assets, whether an independent valuer was involved in the valuation 4 For revalued assets, the effective date of the revaluation A 1, 2 and 4 only B 1 and 2 only C 1, 2, 3 and 4 D 1, 3 and 4 only Page 3 of 6 1885 words [13 English (Malaysia) _ \\/ + 121% 7} Tangible Assets Q - Compatibility Mode Home Insert Draw Design Layout References Mailings Review View Q Tell me 13 Share Ccmments X Times New v 12 v AA AV A v A i: v i: V i; V E Al 1i \\ . 7 ., [E] a o ._ ,_ .. _ _ z AaBchDdEe AaBbch AaBchDa AaBchD ) A \\'J V paste 6 B I U v ab x2 x2 A V I v A v a E IE V 0, v Nospacing Heading1 Heading: Title Styles Dictate Sensitivity Editor _ _ 7 i _ _ / Pane 7.19 Which of the following should be included in the reconciliation of the carrying amount of tangible noncurrent assets at the beginning and end of the accounting period? 1 Additions 2 Disposals 3 Depreciation 4 Increases/decreases from revaluatious A 1 and 3 only B 1, 2, and 3 only C 1, 3 and 4 D 1, 2, 3 and 4 8.2 The carrying value of a company's noncurrent assets was $200,000 at 1 August 20X0. During the year ended 31 July 20X1, the company sold non-current assets for $25,000 on which it made a loss of $5,000. The depreciation charge for the year was $20,000. What was the carrying wlue of non-chent assets at 31 July 20X1? A $150,000 E $ 1 55,000 c $160,000 D $180,000 8.3 Y purchased some plant on 1 January 20X0 for $38,000 The payment for the plant was correctly entered in the cash book but was entered on the debit side of the plant repairs account Y charges depreciation on the straight line basis at 20% per year, with a proportionate charge in the years of acquisition and disposal, and assuming no scrap value at the end of the life of the asset. How will Y's prot for the year ended 31 March 20X0 be affected by the error? A Understated by $30,400 B Understated by $36,100 C Understated by $38,000 D Overstated by $1,900 8.4 B acquired a lorry on 1 May 20X0 at a cost of $30,000. The lorry has an estimated useful life of four years, and an estimated resale value at the end of that time of $6,000. B charges depreciation on the straight line basis, with a proportionate charge in the period of acquisition. What will the depreciation charge for the lorry be in B's accounting period to 30 September 20X0? A $3,000 B $2,500 C $2,000 D $5,000 Page4of6 1885 words II? English (Malaysia) Focus u E, _ v + 121% AutoSave OFF 9069 ... wTangible Assets Q - Compatibility Mode - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me Share Comments Times New... v 12 A A Aav A AaBbCcDdEe AaBbCcDdEe AaBbCcD AaBbCcDa AaBbCcD Paste BIUvab X X A DAY D VB Normal No Spacing Heading 1 Heading 2 Title Styles Dictate Sensitivity Editor Pane 8.6 Which of the following best explains what is meant by 'capital expenditure'? A Expenditure on non-current assets, including repairs and maintenance B Expenditure on expensive assets C Expenditure relating to the issue of share capital D Expenditure relating to the acquisition or improvement of non-current assets 8.7 Which of the following costs would be classified as capital expenditure for a restaurant business? A A replacement for a broken window B Repainting the restaurant C An illuminated sign advertising the business name D Cleaning of the kitchen floors 8.8 Which one of the following costs would be classified as revenue expenditure on the invoice for a new company car? A Road tax B Number plates C Fitted stereo radio D Delivery costs 8.10 Which one of the following assets may be classified as a non-current asset in the accounts of a business? A A tax refund due next year B A motor vehicle held for resale C A computer used in the office D Cleaning products used to clean the office floors 8.11 Which of the following items should be included in current assets? (i) Assets which are not intended to be converted into cash (ii) Assets which will be converted into cash in the long term (iii) Assets which will be converted into cash in the near future A (i) only B (i) only C (iii) only D (ii) and (iii) 8.12 Which of the following statements describes current assets? A Assets which are currently located on the business premises B Assets which are used to conduct the organisation's current business C Assets which are expected to be converted into cash in the short-term D Assets which are not expected to be converted into cash in the short-term Page 5 of 6 1885 words X English (Malaysia) Focus E + 121%7} Tangible Assets Q - Compatibility Mode Home Insert Draw Design Layout References Mailings Review View Q Tell me 13 Share 3 Comments [CH v X Times New... v 12 v AA AV Aav A) AaachDdEe A BbC D AaBchDa A BbC D \\ . 7 v g [B a c a c > A \\'J paste 6 B I U v ab x, x2 A V I v A v Nospacing Heading1 Heading: Title Styles Dictate Sensitivity Editor / Pane 8.15 A non-current asset (cost $15,000, depreciation $10,000) is given in part exchange for a new asset costing $20,500. The agreed trade-in value was $5,500. Which of the following will be included in the statement of prot or loss? A Aprot on disposal $5,500 B A loss on disposal $4,500 C A loss onpurchase ofa new asset $5,500 D A prot on disposal $500 8.16 Baxter Co purchased an asset for $100,000 on 1.1.X1. It had an estimated useful life ofS years and it was depreciated using the straight line method. 0n 1.1.X3 Baxter Co revised the remaining estimated useful life to 8 years. What is the carrying amount of the asset at 31.12.X3'.7 A $40,000 B $52,500 C $40,000 D $62,500 8.17 W00 purchased a machine with an estimated useful life of 5 years for $34,000 on 30 September 20X5. W Co planned to scrap the machine at the end of its useful life and estimated that the scrap value at the purchase date was $4,000. On 1 October zoxs, Wreved the scrap value to $2,000 due to the decreased value of scrap metal. What is the depreciation charge for the year ended 30 September 20x9? A $7,000 B $6,800 c $2,800 D $6,400 Page50f8 1885words [13 English (Malaysia) Focus u E, _ v + 121%