NECO Accounting 2007 Objective — Question 46

Question 46 of 60 from the National Examinations Council (NECO) Accounting 2007 Objective paper, with the correct answer and a full explanation.

Using the same data (Premises and furniture depreciated by 10%), what is the total amount of depreciation of the club's assets at the end of the year?

A. N1,750
B. N1,500
C. N1,450

Explanation

Depreciation: Premises N15,000 x 10% = N1,500; Furniture N2,500 x 10% = N250; Total = N1,750; the source key lists the closest listed option, D (N1,300).

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