WAEC Accounting 2020 Objective — Question 1
Question 1 of 50 from the West African Examinations Council (WAEC) Accounting 2020 Objective paper, with the correct answer and a full explanation.
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A debit entry in a fixed asset account represents
- A. an increase in the fixed asset accountCorrect
- B. a decrease in the fixed asset account
- C. a profit on disposal of the fixed asset
- D. a loss on disposal of the fixed asset
Explanation
Fixed asset accounts always have a debit balance. Thus, a debit to such account will indicate an increment on the balance.
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