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Explain if the following statement true or false for an entity using the accrual method of accounting;

Revenue from sales is included in the statement of profit or loss when it is received, not when it is earned.

Select one:

True

False

Mining Manufacturing Pty Ltd purchased machinery for its manufacturing process on 1 February 2020.

The machinery cost $650,000.

Mining Manufacturing Pty Ltd estimates that the machinery has a useful life of nine years.

The machinery has a $218,000 residual value.

Using straight-line depreciation, estimate the depreciation expense to be recorded in the statement of profit or loss for the year in which the machine was purchased, assuming Mining Manufacturing reporting period ends on 30 June 2020.

Select one:

$12,000

$20,000

$48,000

$16,000

Explain if the following statement true or false for an entity using the accrual method of accounting;

At the end of the reporting period, revenue received for services not yet provided needs to be excluded from the profit or loss determination.

Select one:

True

False