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The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000. Using the straight line method, what is the cumulative depreciation at the end of yr.3?
AN216,000
BN206340
CN180,000
DN162,600
EN162,000
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Question 642
waec1998
The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000.
Using reducing balance method, what is the net book value on 31st December of Yr. 2?
AN551,400
BN546,00
CN540,000
DN486,000
EN440,000
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Question 643
waec1998
The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 N600,000
Depreciation rate per anuum, 10%
Scrap value, N60,000.
Using reducing balance method, what is the depreciation for Yr. 2?
AN160,000
BN114,000
CN60,000
DN54,000
EN48,000
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Question 644
waec1998
When a share is sold for less than its nominal value, the difference is debited to
Ashare premium account
Bshare discount account
Cprofit and loss account
Dcapital reserve account
Egeneral reserve account
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Question 645
waec1998
Rent paid during 1995 was N2,000 while rent paid at 31st December, 1995 was
AN2,400
BN2,200
CN2,000
DN1,800
EN200
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Question 646
waec1998
The double entries for refund of unsuccessful application monies are, debit
Aapplication for shares account, credit bank account
Bbank account, credit application for shares account
Callotment account, credit application for shares account
Dallotment account, credit bank account
Ecash account, credit bank account
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Question 647
waec1998
Which of the following is an example of production overhead?
Adiscount allowed
Bcarried inwards
Cfactory rent
Dcarriage outwards
Edepreciation of office equipment
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Question 648
waec1998
Which of the following is a recurrent expenditure to a Local Government Council?
Abuilding classroom
Bsinking of wells
Cpurchase of drugs
Dconstruction of markets
Epurchase of hospital beds
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Question 649
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Construction of classrooms} & 500,000\\ \text{Purchase of tablets and chairs} & 50,000 \\ \text{Purchase of textbooks for library} & 40,000 \\ \text{Annual inter-house sports competition} & 20,000 \\ \text{Payment of teachers salary} & 80,000
\end{array}\)
Recurrent expenditure of the year was
AN170,000
BN130,000
CN120,000
DN100,000
EN80,000
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Question 650
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Construction of classrooms} & 500,000\\ \text{Purchase of tablets and chairs} & 50,000 \\ \text{Purchase of textbooks for library} & 40,000 \\ \text{Annual inter-house sports competition} & 20,000 \\ \text{Payment of teachers salary} & 80,000
\end{array}\)
Capital expenditure for the year was
AN690,000
BN590,000
CN500,000
DN140,000
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Question 651
waec1998
Which of the following cannot be realized?
Adebtors
Bcreditors
Cfixtures
Dgoodwill
Emotor vehicles
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Question 652
waec1998
Provision for discount on debtor on debtors is to be
Adebited to profit and loss account
Bcreit to profit and loss discount
Cdebit to debtors account
Ddebited to provision for bad debts account
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Question 653
waec1998
Payment for shares in excess of amount demanded gives rise to
Adividend warrant
Brevenue reserve
Ccapital reserve
Dcall-in-advance
Ecall-in-arrears
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Question 654
waec1998
Goods worth N800 was stolen. The double entries are, debit,
Apurchases account, credut trading account
Btrading account, credit purchases account
Cprofit and loss account, credit purchases account
Dprofit and loss account, credit purchases account
Ecapital account, credit purchasses account
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Question 655
waec1998
When a fixed asset is fully depreciated, its net book value is
Aequal to its original cost
Btwice its original cost
Cequal to its current market value
Dthe difference between its cost and market value
Eequal to zero
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Question 656
waec1998
To realize an asset means to
Aclose its account in the ledger
Bgive it out as a collateral
Cturn it to cash
Dopen its account in the ledger
Emortage it
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Question 657
waec1998
Uche returned goods worth N1,500 to Udo. Uche should receive
Aan invoice
Ba statement of account
Ca debit note
Da credit note
Egoods received note
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Question 658
waec1998
Which of the following is/are true? i. depreciation charges increase profits ii. reduction in provision for bad debt increases profit iii. undervalued stock increases profits
Aii and iii
Bi and iii
Ciii
Dii
Ei
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Question 659
waec1998
Accounts payable is
Aan accrual
Ba provisin
Ca current liability
Da long-term liability
Ea current asset
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Question 660
waec1998
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of total fixed assets is
