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Question 6 On December 20X5, Adele signed a contract to provide accounting services to a client in 20X6. Which accounting principle will require Adele to record the expenses and revenues generated from the contract in the following year and not the year the cash was received? A. Cost principle. B. Monetary unit assumption. C. Revenue recognition principle. D. Going-concern assumption. E. Business entity assumption. Question 7 David bought a printer that cost $800 in the year ended 31 December 2016. David's depreciation policy is to charge a full year's depreciation in the year of purchase and no depreciation in the year of sale. The printer will last 5 years and have no salvage value. Using a reducing balance of 20%, what will be the depreciation expense for the printer in the year ended 31 December 2019? A. $160 B. $128 C. $102.40 D. $81.92 E. $65.54 Question 8 Which of the following will be included in the statement of financial position under IAS 16 - Property, Plant and Equipment? A. Complete repainting of existing building worth $5,000 B. Installation of new heating system worth $500 C. Carriage costs on replacement part worth $50 D. Purchase of replacement screw worth $5 E. None of the above will be included in statement of financial position

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