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

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 21· Depreciation of non-current assets· WAEC

    Depreciation is a

    Explanation and discussion

  2. Question 22· Depreciation of non-current assets· WAEC

    Depreciation is

    Explanation and discussion

  3. Question 23· 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

  4. Question 24· 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

  5. Question 25· 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

  6. Question 26· Depreciation of non-current assets· JAMB

    Equipment costing ₦500,000 with a residual value of ₦50,000 is depreciated by the straight-line method over 5 years. Its net book value at the end of the second year is

    Explanation and discussion

  7. Question 27· Depreciation of non-current assets· JAMB

    Accumulated depreciation is shown in the statement of financial position as

    Explanation and discussion

  8. Question 28· Depreciation of non-current assets· WAEC

    Land is usually not depreciated because it

    Explanation and discussion

  9. Question 29· 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    An asset whose value falls mainly because a newer model makes it out of date suffers from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

  10. Question 30· Depreciation of non-current assets· JAMB

    A machine cost ₦500,000 and is expected to last 5 years with a scrap value of ₦50,000. Annual depreciation by the straight-line method is

    Explanation and discussion

  11. Question 31· Depreciation of non-current assets· JAMB

    Charging depreciation reduces profit but not the cash balance because depreciation is

    Explanation and discussion

  12. Question 32· Depreciation of non-current assets· JAMB

    A machine bought for ₦900,000 is depreciated at 10% a year on cost with no residual value. What is its carrying value after 3 years?

    Explanation and discussion

  13. Question 33· Depreciation of non-current assets· JAMB

    Which of these causes the depreciation of a fixed asset?

    Explanation and discussion

  14. Question 34· Depreciation of non-current assets· JAMB

    A van bought for ₦1,200,000 had accumulated depreciation of ₦700,000 when it was sold for ₦450,000. The result on disposal is

    Explanation and discussion

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