Post Utme Crawford University 2020 Accounting Question 33

Practice objective / multiple choice question 33 from the 2020 Post Utme Crawford University Accounting examination.

Post Utme Crawford University 2020 Accounting Objective / Multiple Choice
Question 33 POST_UTME_CRAWFORD_UNIVERSITY • 2020 • ACCOUNTING • objective

A company's balance sheet shows an asset of ₦50,000. However, the company has not provided any information about the asset's depreciation. What is the correct treatment of this asset?

Answer Options

A. The asset should be written off immediately.
Correct Answer B. The asset should be depreciated over its useful life.
C. The asset should be ignored and not depreciated.
D. The asset should be revalued to its current market value.
Correct Answer
B
Correct Option:
The asset should be depreciated over its useful life.

About This Question

This is Post Utme Crawford University 2020 Accounting Question 33. It is one of the objective questions from the 2020 Post Utme Crawford University Accounting examination.

View More Post Utme Crawford University 2020 Accounting Questions More Post Utme Crawford University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support