WAEC Financial Accounting 2014 Question 10

Question 10

Books of Original Entry

Which of the following is used to record the disposal of a fixed asset?

  1. A.Journal Proper
  2. B.Petty Cash Book
  3. C.Sales Day Book
  4. D.Purchases Day Book
Show the answer and explanation

Answer: A (Journal Proper)

Explanation

Unusual transactions such as buying or selling fixed assets are first recorded in the journal proper.