Gce Model Questions Vol1 2025 Financial Accounting Question 50
Practice objective / multiple choice question 50 from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
A machine was purchased on 1 January 2020 for ₦500,000. The company uses the diminishing‑balance method at a rate of 25 % per annum. After three years, on 1 January 2023, the residual value is re‑estimated at ₦50,000 and the remaining useful life is revised to 2 years. Assuming the company switches to the straight‑line method for the remaining life, calculate the depreciation expense for the year ending 31 December 2023.
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About This Question
This is Gce Model Questions Vol1 2025 Financial Accounting Question 50. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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