JAMB Accounting 2015 Objective — Question 48

Question 48 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.

In a public corporation, the capital expenditure incurred in a financial period is

A. spread over the useful life of the assets through depreciation
B. apportioned at a pre-determined rate stipulated by law
C. written off in the year in which they occurCorrect
D. merged with recurrent expenditure and reported in one lump sum

Explanation

In a public corporation, capital expenditure/assets are typically written off in the year in which they are acquired.

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