Waec Accounting Past Questions For Year 2022
Question 46
Use the following information to answeer questions below
Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
The net book value of the machine in the balance sheet as at 31st December 2020 was
- A. D 874,800
- B. D 972,000
- C. D 1,080,000
- D. D 787,320
Question 47
Use the following information to answeer questions below
Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021.
The accumulated depreciation as at the date of disposal was
- A. D 480,000
- B. D 325,200
- C. D 320,000
- D. D 412,680
Question 48
Items shown in the balance sheet as asset includes
- A. debit balance on drawings account
- B. debit balance on a customer's account
- C. credit balance on the capital's account
- D. credit balance on a supplier's account
Question 49
Subscription in advance is treated in the balance sheet under
- A. long-term liabilities
- B. current liabilities
- C. accumulated fund
- D. current assets
Question 50
A set of rules and procedures guiding the operations of a partnership is called partnership
- A. code
- B. business
- C. seal
- D. deed
