MULTIPLE CHOICE. Che the one alternative that best completes the statement er answers the question 16) 16) The accounting principle that requires revenue to be reported when came is the A) Going concem principle. B) Timeliness principle. C) Marching principle Di Revenue recognition principle E) Cost principle. 17) - 17) The total amount of depreciation recorded for an asset during the entire time the asset has been owned A) is on the consument Es recorded in a liability account C) is referred to as accumulated depreciation D et shown on the balance sheet E) is shown on the statement of changes in equity IR) The purpose of depreciation is to A) Adjust the lodger account halance for assets to equal to their current market Valle B) Measure the change in an asset's value Adjust the carrying value of an asset to market value D) Allocate the cost to the benefiting from its use E) Recognize the r ed usefulness of an asset 19) 19) Zang Company had to office supplies on hand at the beginning of the year. During the year, the company purchased $250 worth of office supplies. At the end of the year, 550 worth of office supplies were on hand. How much should Zang Company report as office supplies en for the year A) S200 B) $325. C) 875 D) SIS E) 5125 20) On Oct 1, 2017, Bacine signed a 1-year $75,000 note payable from Prime National 20) Bank. The loan plus interest is to be repaid on Sept. 30, 2018 Bianca's year-end is December 31. In its 2017 financialment Bica will record interest expense of A) S 375 B) 5750. C) $3.000. D) $250 E) $1.000 21) 21) An adjusting entry was made on December 31, 2015. accrue salaries expense of $1.200. Which of the following entries would be prepared to record the next payment of salaries on January 5, 2016, in the amount of $3.000 Salaries Payable 1.200 Cash Salaries Expense 3,000 Cash Salaries Expense 1.200 Salaries Payable 1.200 Salaries Expresse 1.800 Salaries Puyate 1.200 Cash Salaries Payable 3,000 Cash 3.000 22) 22) On July 1, 2015, Nuby Trucking Company purchased a new truck for SS2,000. The truck is estimated to have a useful life of six years and a residual value of $10,000 How much depreciation expense will be recorded for the track during the year ended December 31, 2015 A) $7,000 $3,000 C) 5.500 D ) 6.000 E) $4.000