Waec Model Questions Vol1 2022 Financial Accounting Question 43

Practice objective / multiple choice question 43 from the 2022 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2022 Financial Accounting Objective / Multiple Choice Hard Difficulty
Question 43 WAEC_MODEL_QUESTIONS_VOL1 • 2022 • FINANCIAL_ACCOUNTING • objective

At the end of the second year, the trial balance of ABC Enterprises shows that the total accumulated depreciation for its fixed assets is ₦260,000. The company owns two types of assets: - Machinery: cost ₦500,000, useful life 5 years, no salvage value. - Vehicles: cost ₦300,000, useful life 3 years, salvage value ₦30,000. It is known that the accumulated depreciation of Machinery is ₦20,000 higher than that of Vehicles. Determine the accumulated depreciation shown for Machinery and for Vehicles.

Answer Options

A. Machinery accumulated depreciation ₦120,000; Vehicles accumulated depreciation ₦140,000
B. Machinery accumulated depreciation ₦130,000; Vehicles accumulated depreciation ₦130,000
Correct Answer C. Machinery accumulated depreciation ₦140,000; Vehicles accumulated depreciation ₦120,000
D. Machinery accumulated depreciation ₦150,000; Vehicles accumulated depreciation ₦110,000
Correct Answer
C
Correct Option:
Machinery accumulated depreciation ₦140,000; Vehicles accumulated depreciation ₦120,000

About This Question

This is Waec Model Questions Vol1 2022 Financial Accounting Question 43. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Hard .

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