Waec Accounts - Principles of Accounts 1994 Past Questions and Answers

Question 36:

• WAEC 1994

Patent and Trade mark are classified under

A. Fixed assets
B. Current assets
C. Intangible assets
D. Wasting assets
E. Investments

Question 37:

• WAEC 1994

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

Question 38:

• WAEC 1994

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. N1,4066
C. N1,625
D. N1,750
E. N1,875

Question 39:

• WAEC 1994

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

Question 40:

• WAEC 1994

Fixed assets include

A. Prepayment
B. Stock
C. Accrual
D. Land
E. Debenture