Accounts - Principles of Accounts Past Questions and Answers

Which of he following is a current asset item?

Which of the following is a Real account item?

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance method, what is the amount of depreciation for the second year?

Which of the following serves the same purpose as the income and expenditure account of a non-trading organization?

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the straight-line method, what is the depreciation charge for the second year?