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SECTION A-Multiple Choice Questions (15 marks) Answer ALL questions from this section. Choose the best possible answer (3 marks each). 1. Additions to plant assets are A) debited to the Repairs Expense account. B) debited to the Purchases account. C) capital expenditures. D) revenue expenditures. 2. a Depreciation is a process of A) valuation B) cost allocation. C) cash accumulation. D) appraisal. 3. Which area of accounting aims at serving the needs of internal users? A) Management accounting B) Financial accounting C) External auditing D) Bookkeeping 4. If a company issues 1,000 shares of $1 par value ordinary shares for $20 per share, what would be the effect on the accounting equation? A) Increase assets and increase liabilities. B) Increase assets and increase revenue. C) Increase assets and increase shareholders' equity. D) Increase assets and decrease shareholders' equity. 5. Golden Limited purchased a machine for $90,000 on January 1, 2014. It was originally depreciated on a straight-line basis over 10 years with an estimated residual value of $18,000. On December 31, 2016, before adjusting entries had been made, the company decided to change the remaining estimated life to 4 years (including 2016) and the residual value to $3,000. What was the depreciation expense for 2016? A) $7,200 B) $16,350 C) $17,500 D) $18,150 End of Section A 2