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WAEC Accounts (Principles of Accounts) questions: Depreciation of non-current assets

17 questions with answers and explanations. Tap an option to check yourself.

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All topicsAccounting concepts and conventions · 17Accounts of not-for-profit organisations · 14Accruals, prepayments and provisions · 17Bank reconciliation statements · 16Branch and departmental accounts · 16Company accounts · 15Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 19Incomplete records · 15Manufacturing accounts · 14Nature and purpose of accounting · 14Partnership accounts · 15Petty cash and the imprest system · 14Public sector accounting · 14Source documents and books of original entry · 14The cash book and discounts · 16The trial balance and errors · 16

  1. Question 1· Depreciation of non-current assets· WAEC

    Which asset is not normally depreciated?

    Explanation and discussion

  2. Question 2· Depreciation of non-current assets· WAEC

    A van costing ₦1,200,000 is depreciated at 25% a year on the reducing balance. Its value after two years is

    Explanation and discussion

  3. Question 3· Depreciation of non-current assets· WAEC

    The carrying (net book) value of an asset is

    Explanation and discussion

  4. Question 4· Depreciation of non-current assets· WAEC

    Which of these is NOT a cause of depreciation?

    Explanation and discussion

  5. Question 5· Depreciation of non-current assets· WAEC

    A machine cost ₦500,000 with a residual value of ₦50,000 and a life of 5 years. Straight-line depreciation per year is

    Explanation and discussion

  6. Question 6· Depreciation of non-current assets· WAEC

    A machine bought for ₦300,000 is sold for ₦120,000 when its accumulated depreciation is ₦150,000. Find the result on disposal.

    Explanation and discussion

  7. Question 7· Depreciation of non-current assets· WAEC

    An asset costing ₦400,000 is depreciated at 20% a year on the reducing balance. Find the depreciation for the second year.

    Explanation and discussion

  8. Question 8· Depreciation of non-current assets· WAEC

    An asset bought for ₦30,000 has accumulated depreciation of ₦12,000. Its net book value is

    Explanation and discussion

  9. Question 9· Depreciation of non-current assets· WAEC

    Depreciation charged for the year is shown in the

    Explanation and discussion

  10. Question 10· Depreciation of non-current assets· WAEC

    A machine costs ₦500,000, has a residual value of ₦50,000 and a life of 5 years. Find the annual straight-line depreciation.

    Explanation and discussion

  11. Question 11· Depreciation of non-current assets· WAEC

    Depreciation is a

    Explanation and discussion

  12. Question 12· Depreciation of non-current assets· WAEC

    Depreciation is

    Explanation and discussion

  13. Question 13· Depreciation of non-current assets· WAEC

    A machine costing ₦50,000 with a residual value of ₦5,000 and a life of 5 years is depreciated by the straight-line method. Annual depreciation is

    Explanation and discussion

  14. Question 14· Depreciation of non-current assets· WAEC

    An asset with a book value of ₦80,000 is sold for ₦95,000. The result is

    Explanation and discussion

  15. Question 15· Depreciation of non-current assets· WAEC

    A van costing ₦100,000 is depreciated at 20% a year on the reducing balance. Depreciation in year 2 is

    Explanation and discussion

  16. Question 16· Depreciation of non-current assets· WAEC

    Land is usually not depreciated because it

    Explanation and discussion

  17. Question 17· Depreciation of non-current assets· WAEC

    An asset whose value falls mainly because a newer model makes it out of date suffers from

    Explanation and discussion

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