WAEC Accounting 2016 Objective — Question 48
Question 48 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.
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48. When a fixed asset is disposed off, the accounting entries to write off the asset are Debit A. Profit and Loss Account; Credit Asset Disposal Account B. Asset Disposal Account; Credit Asset Disposal Account C. Profit and Loss Account; Credit Asset Account D. Provision for Depreciation Account
- A. Profit and Loss Account; Credit Asset Disposal Account
- B. Asset Disposal Account; Credit Asset Disposal AccountCorrect
- C. Profit and Loss Account; Credit Asset Account
- D. Provision for Depreciation Account
Explanation
For disposal of an asset, the accounting entries are: Dr Disposal of assets A/c, Cr Asset A/c.
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