WAEC Accounting 2019 Objective — Question 30

Question 30 of 50 from the West African Examinations Council (WAEC) Accounting 2019 Objective paper, with the correct answer and a full explanation.

Where there is a provision for depreciation, fixed asset is shown in the balance sheet at

A. I. cost less depreciation for the period only
B. II. cost less total depreciation to date
C. III. written down values
D. I and II onlyCorrect

Explanation

Where there is a provision for depreciation, fixed asset is shown in the balance sheet at cost less total depreciation to date (II) and at written down values (III). Thus, the correct combination is II and III only.

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