Waec Model Questions Vol1 2022 Financial Accounting Question 1

Practice objective / multiple choice question 1 from the 2022 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2022 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 1 WAEC_MODEL_QUESTIONS_VOL1 • 2022 • FINANCIAL_ACCOUNTING • objective

Identify the nature of the account "Accumulated Depreciation" in the statement of financial position.

Answer Options

A. liability
B. deferred expense
Correct Answer C. contra asset
D. current asset
Correct Answer
C
Correct Option:
contra asset

About This Question

This is Waec Model Questions Vol1 2022 Financial Accounting Question 1. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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