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JAMB Accounting 2019 Objective — Question 35

Question 35 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2019 Objective paper, with the correct answer and a full explanation.

On January 1st 2005, a machine was bought for ₦56,000 to last for 5 years with a residual value of ₦1,000. The rate of the yearly depreciation expense would be

A. 50%
B. 40%
C. 30%
D. 20%Correct

Explanation

Rate = yearly depreciation/cost × 100% = 11,000/55,000 × 100 ≈ 20%.

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