Accounts - Principles of Accounts Past Questions

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1416

A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001. The net book value at the time of sale was

A. N33,000
B. N30,000
C. N17,000
D. N16,000

View Answer & Discuss WAEC 2003

1417

Which of the following errors would affect the agreement of the agreement of the trial balance totals?

A. commission
B. omission
C. single entry
D. original entry

View Answer & Discuss WAEC 2003

1418

Debtors value as at 1st January 2000 was N40,000. Bad debts written off during the year was N5,000 provision for bad debt was 5%. The amount debited to profit and loss account as provision for the year was