Single choice 36) Under accounting revenue recognition rules, there are several criteria that must be met to determine whether a contract can be identified. Which of the following is not one of these criteria? The contract has commercial substance The contract has been approved by both parties There is a guarantee of payment The rights of each party can be identified Single choice 37) Which of the following is a definition of working capital Current + Non-current assets - Current liabilities Current assets - Current liabilities Gross assets - Gross liabilities O Current assets + Current liabilities Single choice 38) An asset is purchased for CU10,000 and has an expected life of 8 years and a salvage value of CU2,000. What is the annual depreciation charge if the depreciation policy of the entity is straight line. CU1,000 CU1,250 O CU1,500 There is no depreciation charge because the asset has a salvage value