Information needed to compute a depletion charge per unit includes the:

1. Information needed to compute a depletion charge per unit includes the:

Estimated total amount of resources available.

Amount of resources sold during the period.

Amount of resources removed during the period.

Cumulative amount of resources removed.

Question at position 8

8

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Question at position 8

1. Qiqi Company spent P9,000,000 on a new software package that is to be used only for internal use. The amount was spent after the application development stage. The economic life of the software is expected to be three years. The equipment on which the package is to be used I being depreciated over five years.

What amount should be reported as amortization expense for the first full year?

1. Qiqi Company spent P9,000,000 on a new software package that is to be used only for internal use. The amount was spent after the application development stage. The economic life of the software is expected to be three years. The equipment on which the package is to be used I being depreciated over five years.

What amount should be reported as amortization expense for the first full year?

P1,800,000

P9,000,000

Zero

P3,000,000

Question at position 9

9

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Question at position 9

1. At the beginning of the year, Diona Company bought machinery under a contract that required a down payment of P100,000, plus 24 monthly payments of P50,000 each, for total cash payment of P1,300,000. The cash price of the machinery was P1,100,000.

The machinery has a useful life of 10 years and residual value of P50,000. The entity used straight-line method of depreciation.

What amount should be reported as depreciation for the current year?

1. At the beginning of the year, Diona Company bought machinery under a contract that required a down payment of P100,000, plus 24 monthly payments of P50,000 each, for total cash payment of P1,300,000. The cash price of the machinery was P1,100,000.

The machinery has a useful life of 10 years and residual value of P50,000. The entity used straight-line method of depreciation.

What amount should be reported as depreciation for the current year?

P105,000

P125,000

P110,000

P130,000