O-LevelAccountingAccounting procedures7707/12 · May/June 2023 · Q161 Mark

A business bought two assets, X and Y, on 1 January 2022, for $2000 each. It depreciates asset X by 10% per annum using the straight-line method, and asset Y by 10% per annum using the reducing balance method. Which statements are correct?

Aincorrect incorrect

Bincorrect correct

Ccorrect incorrect

Dcorrect correct

✓ Correct answer

C: correct incorrect

Oracle Prep sorts past-paper questions by topic, so you can drill Accounting procedures and see which topics are most likely to come up next.

Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2023 Paper 1 Variant 2, question 16.

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