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WAEC Financial Accounting 2018 Question 26

Question 26

Depreciation

A fall in value of a fixed asset due to technological changes is described as

  1. A.superfluity.
  2. B.wear and tear.
  3. C.obsolescence.
  4. D.depletion.
Show the answer and explanation

Answer: C (obsolescence.)

Explanation

Assets becoming out of date through new technology is obsolescence.