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WAEC Financial Accounting 2018 Question 8

Question 8

Depreciation

The apportionment of cost of a fixed asset to the profit and loss account is termed as

  1. A.expense.
  2. B.depreciation.
  3. C.loss.
  4. D.appreciation.
Show the answer and explanation

Answer: B (depreciation.)

Explanation

Spreading a fixed asset's cost over its life is depreciation.