On 31 December 2019 an Item of Machinery Had a Cost

question 9

Multiple Choice

On 31 December 2019 an item of machinery had a cost of $300 000 and accumulated depreciation of $280 000. If the machinery was sold for a profit of $30 000 on 1 January 2020, how much was recorded as income from the proceeds of the sale?

• A) $20 000
• B) $50 000
• C) Nil
• D) $300 000

Describe key steps and components in the planning process.

Understand the impact of information technology on organizations and management.

Define and understand the components and roles of information systems in organizations.

Comprehend the stages of e-commerce development and its significance for businesses.

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Definitions:

Total Cost Management

A comprehensive approach to managing and reducing costs throughout an organization, emphasizing continuous improvement and value for money.

Supply Chain Design

The planning and organization of a network of interconnected businesses involved in the provision of product and service packages demanded by end customers.

Fiber Optic Wire

A type of cable made of thin strands of glass or plastic that transmits data at high speeds using light signals.

Time and Place Utility

The value added to products through making them available at the right time and location to meet consumer needs.