CSEC Principles of Accounts · May/June 2014 · Paper 2 · Question 4(a)(ii)
Define useful life and provide ONE example.
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- 4(a)(i)Define fixed asset and provide ONE example.[2 marks]
- 4(a)(iii)Define net book value and provide ONE example.[2 marks]
- 4(b)(i)Calculate the depreciation charge on the delivery van for the year ended 30 April 2014 using the straight line method, showing working clearly.[3 marks]
- 4(b)(ii)Draw up a balance sheet extract for the van showing cost, accumulated depreciation and net book value as at 30 April 2014.[4 marks]
- 4(b)(iii)Calculate the depreciation charge on the industrial stove for the year ended 30 April 2014 using the reducing balance method, showing working clearly.[3 marks]
- 4(b)(iv)Draw up the Provision for Depreciation Account for the industrial stove starting with the accumulated depreciation balance brought forward as at 01 May 2013.[4 marks]
More practice: the rest of this paper · more Depreciation and Capital versus Revenue Expenditure questions · all CSEC Principles of Accounts past papers