JAMB Accounting 2022 Objective — Question 21

Question 21 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2022 Objective paper, with the correct answer and a full explanation.

The process of allocating the cost of a tangible asset over its useful life is known as

A. depreciationCorrect
B. extraction
C. depletion
D. amortization

Explanation

Depreciation refers to the wear and tear of an asset; it is a provision for the future replacement of the asset over its useful life.

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