Waec Model Questions Vol1 2017 Financial Accounting Question 33
Practice objective / multiple choice question 33 from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
A machine was purchased for ₦500,000. Its original estimated useful life was 5 years with a residual value of ₦50,000. The company uses the double‑declining‑balance (DDB) method. After two years, the management revises the estimates: the total useful life is now expected to be 4 years (i.e., 2 years remaining) and the residual value is reduced to ₦30,000. The depreciation method for the remaining life is changed to straight‑line. What depreciation expense should be recorded for the third year?
Answer Options
About This Question
This is Waec Model Questions Vol1 2017 Financial Accounting Question 33. It is one of the objective questions from the 2017 Waec 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.