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e first step to recording the disposal? - When derecognizing a long-lived asset, what is the first step to record A. Update depreciation B. Calculate the carrying amount C Calculate the gain/loss on disposal D. Record the disposal E. Prepare financial statements 23. The 3 main types of business activities are: A. Service, manufacturing & retail B. Research & development production & customer service C. Sales, marketing, & human resource management D. Financing, investing, & operating E. Strategy, logistics, & cash flow management 24. Which of the following depreciation methods uses rest the following depreciation methods uses residual to determine depreciable amounts? A. Straight-Line B. Diminishing-Balance C. Units-of-Production D. Both A&B E. Both A&C 25. Which financial statement is prepared first? A. Statement of financial position B. Income statement C. Statement of change in equity D. Statement of cash flows E. It does not matter, financial statements can be prepared in any order 26. Which of the following would not appear on a statement of financial position? A. Interest Payable B. Cost of Goods Sold C. Accumulated Amortization D. Equipment E. Unearned Revenue 27. Of the following, which of the following is always classified as a non-current? A. Sales Tax Payable B. Deferred Revenue C. Long-term debt D. Provisions E. Prepaid Expenses

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