WAEC Accounting Past Questions & Answers - Page 153

761.

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

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

762.

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.

N1,406

C.

N1,625

D.

N1,750

E.

N1,875

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

763.

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

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

764.

Patent and Trade mark are classified under

A.

Fixed assets

B.

Current assets

C.

Intangible assets

D.

Wasting assets

E.

Investments

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

765.

John brought in an additional plant into his business. What are the accounting entries necessary to reflect the transaction?

A.

Debit plan account, credit current account

B.

Debit current account, credit plant account

C.

Credit plan account, credit profit and loss account

D.

Debit profit and loss account, credit plant account

E.

Debit plant account, credit capital account

View answer & explanation

Correct answer is E

No explanation has been provided for this answer.

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