Accounting Questions and Answers

Depreciation on a particular piece of machinery was N2,700 during the fifth year of its service life and N4,050 during the sixth year. The logical explanation for this is that?

Chibuike bought 36 notebooks at N10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay?

Asa Company bought a vehicle worth N20,000 and the vehicle is to be depreciated at 5%. Using the reducing balance method of depreciation, what would be the value of the asset after 3 years?

A provision for bad debt account had N3,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/2% of annual sales, what was the credit sales for the period?

The fixed amount of money given to a petty cashier at the beginning of a period is called?