Waec Model Questions Vol1 2023 Financial Accounting Question 15

Practice objective / multiple choice question 15 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2023 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 15 WAEC_MODEL_QUESTIONS_VOL1 • 2023 • FINANCIAL_ACCOUNTING • objective

A machine was purchased on 1 January 2022 for ₦500,000. Its estimated useful life is 5 years and its residual value is ₦50,000. The company depreciates the asset using the double‑declining‑balance method for the first two years and then switches to the straight‑line method for the remaining years. Compute (a) the depreciation expense for the year ended 31 December 2024 and (b) the book value of the machine on that date.

Answer Options

Correct Answer A. Depreciation expense 43333.33; Book value 136666.67
B. Depreciation expense 90000.00; Book value 230000.00
C. Depreciation expense 72000.00; Book value 108000.00
D. Depreciation expense 150000.00; Book value 30000.00
Correct Answer
A
Correct Option:
Depreciation expense 43333.33; Book value 136666.67

About This Question

This is Waec Model Questions Vol1 2023 Financial Accounting Question 15. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Medium .

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