Post Utme Bowen University 2023 Accounting Question 5

Practice objective / multiple choice question 5 from the 2023 Post Utme Bowen University Accounting examination.

Post Utme Bowen University 2023 Accounting Objective / Multiple Choice
Question 5 POST_UTME_BOWEN_UNIVERSITY • 2023 • ACCOUNTING • objective

A company's financial statements show the following information: Net Income ₦50,000, Depreciation Expense ₦20,000, Accumulated Depreciation ₦30,000. What is the correct journal entry to record the depreciation?

Answer Options

Correct Answer A. ₦20,000 Debit: Depreciation Expense, ₦20,000 Credit: Accumulated Depreciation
B. ₦20,000 Debit: Accumulated Depreciation, ₦20,000 Credit: Depreciation Expense
C. ₦20,000 Debit: Depreciation Expense, ₦20,000 Credit: Net Income
D. ₦20,000 Debit: Net Income, ₦20,000 Credit: Depreciation Expense
Correct Answer
A
Correct Option:
₦20,000 Debit: Depreciation Expense, ₦20,000 Credit: Accumulated Depreciation

About This Question

This is Post Utme Bowen University 2023 Accounting Question 5. It is one of the objective questions from the 2023 Post Utme Bowen University Accounting examination.

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