Accounts - Principles of Accounts Past Questions and Answers

An account is said to have a debit balance because

A The first entry made in it is on its debit side
B There aer more entries on the debit side than on the credit side
C Total value of debit entries is more than total value of credit entries
D There is no entry at all on the dbit side

Question 1832:

A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. What is the net book value of the motor vehicle at the end of the third year, using the straight line method?

A N9,000
B N5,500
C N3,500
D N2,000

Question 1833:

A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. Using the straight line method, what is the amount of depreciation charged per annum?

A N9,000
B N5,500
C N4,000
D N3,500

Question 1834:

A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. If the vehicle is sold for N6,000 at the end of third year, what is the profit or loss on sale?

A N1,000 profit
B N500 profit
C N500 loss
D N1,000 loss

Question 1835:

Which of the following is not an example of input device?

A Card reader
B Keyboard
C Visual display unit
D Central processing unit