WAEC Accounting 2021 Objective — Question 41
Question 41 of 50 from the West African Examinations Council (WAEC) Accounting 2021 Objective paper, with the correct answer and a full explanation.
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[Cost of asset (01/01/18) N600,000. Annual depreciation charge is 15% on reducing balance basis.] Depreciation for the year 2019 is
- A. N180,000
- B. N166,500
- C. N90,000
- D. N76,500Correct
Explanation
Depreciation for 2018 = 15% x N600,000 = N90,000; NBV end of 2018 = N510,000. Depreciation for 2019 = 15% x N510,000 = N76,500.
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