Question 17 Not yet answered Marked out of 1.00 Flag question Elephant LLC uses Direct write off method to recognize uncollectible accounts expense. It provides you the following selected information: Accounts receivable on December 31, 2019 is RO 180,000 There is a customer Mr Miskeen who could not pay amount due to him: RO2,000 The journal entry to record the uncollectible accounts expense on December 31, 2018 is: O Allowance for Doubtful Accounts 2000 Dr.& Accounts Receivable 2000 Cr O Accounts Receivable 2000 Dr.& Allowance for Doubtful Accounts 2000 Cr Uncollectible Accounts Expense 2000 Dr.& Accounts Receivable 2000 Cr. O Uncollectible Accounts Expense 2000 Dr.& Allowance for Doubtful Accounts 2000 C Question 18 Not yet answered Marked out of 1.00 Flag question Fahad Express LLC is planning to buy a vehicle for its courier business. The cost of the vehicle is RO 16000 and the useful life is 10 years. The vehicle was depreciated using Straight line method. After five years the vehicle met and accident and had to be discarded. The vehicle was sold for RO 5000. The amount of Profit/ loss to the transferred to the Income statement will be a. RO 4000 Profit O b.RO 3000 Profit OC RO 3000 Loss O d. RO 3400 LOSS Question 19 Not yet answered Marked out of 1.00 Flag question Al shams lic had accounts receivable for RO 25000. They sold the accounts receivable to the Factor for a service charge of 2%. The amount of cash to be recorded in the accounts is O a. RO 24000 O b. RO 24500 OC RO 25500 O d.RO 25000 Question 20 Not yet answered Marked out of 1.00 Flag question Contribution received from shareholders will be recorded as a. Dr Capital Cr Cash account b. Dr Receivables Cr Cash account O Dr Cash account Cr receivables Od. Dr Cash account Cr Capital Question 21 Al Shams ceramics manufactures ceramic tiles in Nizwa. They will have the following inventory. Not yet answered Marked out of 1.00 O a. Raw material O b. All the three type of inventory OG Finished Goods Od. Work in progress Flag question What type of financial information are accessed by the users to make decisions? Question 22 Not yet answered Marked out of 1.00 Flag question O a. Bank accounts of the company Ob. Expected future cash inflows Oc Property of the company Od. Composition of the management Question 23 Not yet answered Marked out of 1.00 The amount for which an asset could be exchanged, a liability settled, or an equity instrument could be exchanged between knowledgeable parties is known as a. Futuristic cost principle O b. Historical cost principle O c. Fair value cost principle O d. Replacement cost Principle Flag