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WAEC Accounting 2014 Objective — Question 11

Question 11 of 50 from the West African Examinations Council (WAEC) Accounting 2014 Objective paper, with the correct answer and a full explanation.

Cost of motor vehicle at 1/1/12 was N85,000; residual value N5,000; estimated useful lifespan 10 years, using the straight line method. The annual depreciation is

A. N9,000
B. N8,500
C. N8,000Correct
D. N6,500

Explanation

Depreciation = (Cost−Residual value)/Useful life = (85,000−5,000)/10 = N8,000.

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