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WAEC Financial Accounting 1995 Question 20

Question 20

Depreciation

Provision for depreciation on office furniture is charged to

  1. A.Capital Account
  2. B.Profit and Loss Appropriation Account
  3. C.Trading Account
  4. D.Profit and Loss Account
  5. E.Manufacturing Account.
Show the answer and explanation

Answer: D (Profit and Loss Account)

Explanation

Depreciation of office assets is an expense in the profit and loss account.