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MULTIPLE CHOICE - (15 x 1 mark5 HALAL already recorded 4 months prepaid insu Aug 1, Corp XYZ receives an annual insurance bill of $20,000. The company has y recorded 4 months prepaid insurance. What additional amount does the company record as a property tax expense on Aug 17 A. $0 B. $1,167 C. $5,000 D. $6,667 E. $20,000 accounts of 17. Accumulated depreciation and accumulated amortization are a fixed asset A. Carrying B. Expense C Revenue D. Contra E. Deferral 18. A liability with no uncertainty about the fact that that a cost will be recorded, only that its value and settlement date are uncertain is called a: A Premium B. Bond Payable C. Accounts Payable D. Contingent Liability E. Provision 19. The total assets of Pitre Limited are $372,000. Its share capital is $136,000 and its retained earnings are $29,000. What is the amount of its total liabilities? A. $165,000 B. $207,000 C. $236,000 D. $372,000 E. $537,000 20. Installment loans with fixed principal portion are repayable in: A. Equal yearly amounts including interest B. Equal yearly amounts less interest C. Equal periodic amounts including interest D. Equal periodic amounts plus interest E. Equal periodic amounts less interest Con table . Which is not a factor when calculating depreciation? A. Residual value B. Cost C. Impairment loss D. Useful life E. Depreciable amount

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