An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is?
A. N24,000 B. N21,000 C. N18,000 D. N9,000 Correct Answer: Option D D. N9,000
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. The net book value at the time of sale was
A. N39,000 B. N16,000 C. N14,000 D. N12,000 Correct Answer: Option D D. N12,000
The term bad debt is used to describe?
A. a debt that cannot be recovered B. a debt that is long overdue C. an overcharge on a debtor’s account D. a debt owed by a former employee Correct Answer: Option A A. a debt that cannot be recovered
A provision is?
A. an amount set out of profit for other uses B. an amount of loss from trading activities C. an expense of business to be paid for in cash D. a loss in value of all business assets Correct Answer: Option A A. an amount set out of profit for other...Products
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