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(ACCT102)[2011](s)quiz~cmwongaa^_39132.pdf
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A. True or False Questions: (5 marks; suggested time 5 minutes)
1.
TRUE

2.
FALSE

3.
FALSE

4.
TRUE

5.
TRUE



B. Multiple Choice: (8 marks; suggested time 10 minutes)
1.
E

2.
C

3.
A

4.
C

5.
C

6.
D

7.
D

8.
A



C. Short Questions: (12 marks; suggested time 15 minutes)
1.
Dr. Cr.
Machinery 37,000
Cash 37,000

2.
(1)
(75,000 C 6,000) / 6 = 69,000 / 6 = $11,500

(2)
(75,000 C 6,000) / 30,000 = $2.3/unit.
$2.3 * 5,000 = $11,500


(3)
75,000 / 6 * 2 = $25,000

(4)
New remaining useful life = 7 years.
Net book value at the beginning of fourth year: 75,000 C 11,500*3 = 40,500
(40,500 C 5,500) / 7 = $5,000



3. Market value of new computer = 12,800 Old machine book value = 9,000 C 5,500 = 3,500. Loss on disposal of machine = (3,500 + 11,300) C 12,800 = 14,800 C 12,800 = $2,000.