Provision For Depreciation Using Straight Line And Reducing Balance Methods - Accountsprinciplesofaccounts Jamb Past Questions and Answers

Question 11 :

• JAMB 2006

Use the information below to answer questions .
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
Calculate the yearly depreciation expense using the straight line method.

A. N11 000
B. N11 200
C. N11 400
D. N11 300

Question 12 :

• JAMB 2006

Use the information below to answer questions .
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
the rate of the yearly depreciation expense would be?

A. 50%
B. 40%
C. 30%
D. 20%

Question 13 :

• JAMB 2007

Use the information below to answer question
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
Using the straight method. The depreciation of the asset in the first year was?

A. N210m
B. N343m
C. N105m
D. N270m

Question 14 :

• JAMB 2007

Use the information below to answer question
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
What was the asset value at the beginning of the third year?

A. N63m
B. N133m
C. N36m
D. N28m

Question 15 :

• JAMB 2008

The factor that determine the periodic depreciation charge are?

A. Asset cost, market value and useful life
B. Asset cost, market value and residusl value
C. Asset value, cash value useful life
D. Asset cost, salvage and useful life