JAMB Accounting 2013 Objective — Question 12

Question 12 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 12 and 13. A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9,000. The yearly depreciation using the straight line method would be

A. ₦8,800
B. ₦6,500
C. ₦5,200Correct
D. ₦4,400

Explanation

Depreciation = (Cost − Residual value) ÷ Life span = (35,000 − 9,000) ÷ 5 = ₦5,200.

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