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Accounts - Principles of Accounts 1994 WAEC Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
36
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. Using the straight line method, what was the amount of depreciation charged per annum?
  • A. N1,313
  • B. N1,406
  • C. N1,625
  • D. N1,750
  • E. N1,875
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37
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500, Using the reducing balance method, what is the amount of depreciation for the second year?
  • A. N1,313
  • B. N1,4066
  • C. N1,625
  • D. N1,750
  • E. N1,875
View Answer & Discuss WAEC 1994
38
A machine bought for N7,000 was estimated to have a useful life of 4 years and a scrap value of N500. What is the Net book value of the machine at the end of the second year, Using the straight line method
  • A. N3,250
  • B. N3,562
  • C. N3,656
  • D. N3,750
  • E. N4,062
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39
Fixed assets include
  • A. prepayment
  • B. stock
  • C. accrual
  • D. land
  • E. debenture
View Answer & Discuss WAEC 1994
40
Deferred charges are also known as
  • A. accrued expenses
  • B. accrued income
  • C. prepaid expenses
  • D. income received in advance
  • E. preliminary expenses
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