Question 9 Al Faras LLC bought a stitching machine for RO 8000. The life of the machine is five years The company follows diminishing balance method of depreciation. The amount of depreciation in the second year is Not yet answered Marked out of 1.00 P Flag question O , RO 1280 O b. RO 2880 OC RO 1024 d. RO 1600 Question 10 Not yet answered Marked out of 1.00 Luck LLC had opening stock of 1000 units value RO 5000. They purchased 2000 units @ RO 6 and later on they purchased 2500untis @ RO 7.3000untis were sold. The value of closing stock as per weighted average price method will be O, RO 18810 O b. RO 15675 Oc RO 15500 O d. RO 18600 Flag question Question 11 When an asset is classified as a fixed asset? Not yet answered Marked out of 1.00 Flag question a. It is one which has to be depreciated every year O b. It is bought for long term for resale in future O c it is used in the normal business operations and has life more than one year Od. It has life less than one year Question 12 Not yet answered Marked out of 1.00 What is the journal entry for recording credit sales? O a. Accounts Receivable Dr. Bamp: Sales Cr b. Cash Dr. & Sales Cr O c Sales Dr. & Accounts Payable Cr O d. Sales Dr. & Accounts Receivable C Flag question Question 13 Not yet answered Marked out of 1.00 Find the value of purchases, if cost of goods sold is RO 5000, closing inventory is RO 2500, and opening inventory is RO 4,500 O a. RO 7000 O b. RO 2000 O c RO 12000 O d.RO 3000 Flag question Questos 14 Under which method of depreciation the amount of depreciation every year remains the same. Not yet answered Marked out of 1.00 O a. Double declining depreciation method O b. Units of production method O c. Diminishing balance method Od. Straight line method Flag question in which of the method of inventory valuation, control of inventory is not possible. Question 15 Not yet answered Marked out of 1.00 a. Perpetual inventory system O b. ABC analysis Oc Continuous inventory system. O d. Periodic inventory system Flag question Questo 16 Not yet answered Marked out of 1.00 When Accumulated depreciation account is credited with the amount of depreciation. O a. The cost of Fixed asset decreases O b. The cost of Fixed asset remains the same Oc. The depreciation account decreases. Od. The cost of Fixed asset increases Flag