WAEC Accounting Past Questions & Answers - Page 158

786.

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the straight-line method, what is the depreciation charge for the second year?

A.

N128

B.

N140

C.

N160

D.

N175

E.

N200

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

787.

Which of the following serves the same purpose as the income and expenditure account of a non-trading organization?

A.

Trading account

B.

Profit and loss account

C.

Balance sheet

D.

Income distribution account

E.

Appropriate account

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

788.

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance method, what is the amount of depreciation for the second year?

A.

N128

B.

N140

C.

N160

D.

N175

E.

N200

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

789.

Which of the following is a Real account item?

A.

Wages and salaries account

B.

Machinery account

C.

Capital account

D.

Drawings account

E.

Alagja and sons account

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

790.

Which of the following is a current asset item?

A.

Goodwill

B.

Overdraft

C.

Preliminary expenses

D.

Prepayments

E.

Outstanding expense

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

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