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O-LevelAccountingAccounting procedures7707/11 · Oct/Nov 2015 · Q111 Mark

On 1 January a builder had tools valued at $3100. During the year he purchased additional tools costing $490 and tools valued at $140 were scrapped. On 31 December the tools were valued at $2750. What was the depreciation for the year?

A$350

B$490

C$700

D$840

✓ Correct answer

C: $700

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About this question

Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2015 Paper 1 Variant 1, question 11.

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