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What is accounting? Who are the users of accounting? What is meant by solvency? What information in the balance sheet can be used to assess a company's solvency! 2 A recent financial magazine ladicated that the airline industry has poor financial flexibility. What is meant 10 by financial flexibility, and why is it Important? What are the different types of financial statements as per IFRS-17 Explain 10 On January 1. 2015, a machine was purchased for $100,000. The machine has an estimated salvage value of 10 $10,000 and an estimated useful life of 10 years. The machine can operate for 100,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2015, 20,000 hours: 2016, 25,000 hours: 2017, 15.000 hours and 2018, 30.000 hours. Instructions Assume a flocal year-end of December 31. Compute the 2015 annual depreciation charges of the asset's life applying each of the following methods (1) Straight-line method. () Double-declining-balance method. (2) Sum-of-the-years'-digits method. (4) Hours method 5. Distinguish among depreciation depletion and amortization. How to measure impairment? 10 Write short notes on [any twe) 10 a) Note Receivables b] Partnership Cash and Cash equivalent. d) Intangible mets Impairment Partnership deed