Accounts - Principles of Accounts Past Questions and Answers

Use the following Information to answer this question.

Stock of finished goods: Jan 1stDec 31stStock of Raw materials: Jan 1stDec 31stPurchase of Raw MaterialsManufacturing WagesDepreciation: Factory equipmentDirect expensesFactory FuelCarriage inwards on Raw Materials

₦50,64071,38032,16029,640145,00052,00016,50012,5007,0007,000

A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

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The following information were extracted from the books of Miliki state

Sinking of bore holesPurchase of Motor carStationeryElectricityPurchase of drugsPurchase of beds

₦2,900,000920,000300,00045,00076,000425,000

Recurrent expenditure is

Use the question to answer this question
The following information were extracted from the books of Miliki state

Sinking of bore holesPurchase of Motor carStationeryElectricityPurchase of drugsPurchase of beds

₦2,900,000920,000300,00045,00076,000425,000

Capital expenditure is