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Questions and Answers
What method was used to depreciate the machine?
What method was used to depreciate the machine?
- Double-declining balance method
- Straight-line method (correct)
- Sum-of-the-years'-digits method
- Units of production method
Which year does Bloomer believe the total machine life will be extended to?
Which year does Bloomer believe the total machine life will be extended to?
- 2017
- 2016
- 2018
- 2019 (correct)
What was the sale price of the machine when Bloomer sold it on July 1, 2014?
What was the sale price of the machine when Bloomer sold it on July 1, 2014?
- $8,000
- $18,000
- $15,000
- $12,400 (correct)
Which category of non-current assets includes assets with no physical substance?
Which category of non-current assets includes assets with no physical substance?
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What are current assets?
What are current assets?
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Which of the following statements best describes the focus of accounting?
Which of the following statements best describes the focus of accounting?
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How are tangible fixed assets recorded?
How are tangible fixed assets recorded?
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What is the primary concern of finance, as indicated in the text?
What is the primary concern of finance, as indicated in the text?
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What is the main category of current assets that includes a company’s stock of finished goods and raw materials?
What is the main category of current assets that includes a company’s stock of finished goods and raw materials?
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In the example provided, which type of accounting method was used to calculate the monthly income statements?
In the example provided, which type of accounting method was used to calculate the monthly income statements?
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