WAEC Accounting 2025 Objective — Question 29

Question 29 of 50 from the West African Examinations Council (WAEC) Accounting 2025 Objective paper, with the correct answer and a full explanation.

At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is

A. Simply deducted from the asset in the Balance SheetCorrect
B. Transferred to Profit and Loss Account
C. Transferred to the Asset Account
D. Transferred to Depreciation Account

Explanation

If the business records fixed assets at cost in the balance sheet, the balance in the accumulated depreciation account is deducted from the cost of the assets in the balance sheet.

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