Post Utme Uniosun 2021 Accounting Question 5

Practice objective / multiple choice question 5 from the 2021 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2021 Accounting Objective / Multiple Choice
Question 5 POST_UTME_UNIOSUN • 2021 • ACCOUNTING • objective

A company's balance sheet shows a total asset value of ₦150,000. The company's balance sheet also shows a total liability value of ₦75,000. What is the correct journal entry to record the depreciation of the assets?

Answer Options

Correct Answer A. ₦75,000 debit to Depreciation Expense and ₦75,000 credit to Accumulated Depreciation
B. ₦150,000 debit to Depreciation Expense and ₦150,000 credit to Accumulated Depreciation
C. ₦75,000 credit to Depreciation Expense and ₦75,000 debit to Accumulated Depreciation
D. ₦150,000 credit to Depreciation Expense and ₦150,000 debit to Accumulated Depreciation
Correct Answer
A
Correct Option:
₦75,000 debit to Depreciation Expense and ₦75,000 credit to Accumulated Depreciation

About This Question

This is Post Utme Uniosun 2021 Accounting Question 5. It is one of the objective questions from the 2021 Post Utme Uniosun Accounting examination.

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