Neco Model Questions Vol1 2022 Financial Accounting Question 15
Practice objective / multiple choice question 15 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
On 1 January 2022 a delivery van was recorded at cost \(\₦200,000\) with a residual value of \(\₦20,000\) and a useful life of 8 years. The straight‑line method was used. On 1 July 2024 the van was revalued upwards to a fair value of \(\₦180,000\). At the same date an impairment loss of \(\₦30,000\) was recognised because of damage. The remaining useful life after revaluation is 5 years (i.e., until 30 June 2029). Calculate the depreciation expense for the year ending 31 December 2025.
Answer Options
About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 15. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.