During 2011, Tommy’s Toys reported the following: short-term borrowings of $419 million; long-term borrowings of $147 million; long-term debt repayments of $45 million; interest paid, $128 million; and treasury shares repurchased $632 million. How much is net cash flow from financing activities during 2011?
A machine originally had an estimated useful life of 7 years, but after 2 complete years, it was decided that the original estimate of useful life should have been 9 years.
Determine the appropriate accounting concept for the following statement: The length of time left on debt obligations is shown.
Choose from the following:
| Accounting period concept | Adequate disclosure concept |
| Business entity concept | Cost concept |
| Going concern concept | Matching concept |
| Objectivity concept | Unit of measure concept |
A machine originally had an estimated useful life of 7 years, but after 2 complete years, it was decided that the original estimate of useful life should have been 9 years.
At that point the remaining cost to be depreciated should be allocated over the remaining:
a. 11 years
b. 13 years
c. 9 years
d. 7 years
e. 4 years
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