Post Utme Rhema University 2025 Accounting Question 40

Practice objective / multiple choice question 40 from the 2025 Post Utme Rhema University Accounting examination.

Post Utme Rhema University 2025 Accounting Objective / Multiple Choice
Question 40 POST_UTME_RHEMA_UNIVERSITY • 2025 • ACCOUNTING • objective

A company's balance sheet shows an asset of ¦10,000,000. However, the company's accountant has forgotten to include a depreciation of ¦0,000,000. Prepare the necessary journal entry to rectify the error.

Answer Options

Correct Answer A. Debit Depreciation ¦0,000,000, Credit Asset ¦0,000,000
B. Debit Asset ¦0,000,000, Credit Depreciation ¦0,000,000
C. Debit Profit and Loss Account ¦0,000,000, Credit Asset ¦0,000,000
D. Debit Asset ¦0,000,000, Credit Profit and Loss Account ¦0,000,000
Correct Answer
A
Correct Option:
Debit Depreciation ¦0,000,000, Credit Asset ¦0,000,000

About This Question

This is Post Utme Rhema University 2025 Accounting Question 40. It is one of the objective questions from the 2025 Post Utme Rhema University Accounting examination.

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