bank Question 19 Goods in transit that are shipped FOB shipping point should be included 0 in the inventory of the buyer. in the inventory of the seller. in the inventory of the shipping company. in no one's inventory until they arrive at their destination. Testbank Question 20 Goods in transit that are shipped FOB destination should be included 12 310 O in the inventory of the buyer. O in the inventory of the seller. 18 lon28 on 36 on 15 on 56 in the inventory of the shipping company, in no one's inventory until they arrive at their destination. Testbank Question 25 Using the allowance method, when an account receivable is written off, the account to be debited is O bad debts expense. cash. O allowance for doubtful accounts. accounts receivable. Testbank Question 13 The first step in the revenue recognition process under IFRS is O determine the transaction price. allocate the transaction price to the separate performar nance obligations. o identify the separate performance obligations of the contract. o identify the contract with customers. Testbank Question 57 Sing Song Corporation reports the following information: Net income Depreciation expense Increase in accounts receivable $720,000 210,000 90,000 Sing Song should report cash provided by operating activities of $1,020,000 $840,000. $420,000. $600,000. Testbank Question 56 Which of the following items will NOT appear in the retained earnings statement? Onet loss O correction of an error change in accounting estimates stock dividends Testbank Question 36 Use of an allowance for doubtful accounts is an application of the O historical cost principle. full disclosure principle. matching principle. revenue recognition principle. Testbank, Question 28 On September 1, 2020, Regal Corp. made the annual lease payment of $24,000 for alleet of delivery truck. The payment covered the period September 1, 2020 tot 31, 2021. Ang the best had originally been debited to lesse Expense, there are adjustment at December 31, 2020 debit Lease Expense and credit Prepard Lease $16,000 debit Lease Expence and credit Prepaid Lease 58.000 debit Prepaid Lease and credit Loose Expense $8.000 debit Prepaid Lease and credit Leas Experise $16,000