Gce Model Questions Vol1 2022 Financial Accounting Question 50

Practice objective / multiple choice question 50 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2022 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 50 GCE_MODEL_QUESTIONS_VOL1 • 2022 • FINANCIAL_ACCOUNTING • objective

Record the depreciation of equipment costing \(120,000\) with a yearly depreciation expense of \(15,000\) using the accumulated depreciation contra‑account method.

Answer Options

Correct Answer A. Debit Depreciation Expense 15,000; Credit Accumulated Depreciation - Equipment 15,000
B. Debit Depreciation Expense 12,000; Credit Accumulated Depreciation - Equipment 12,000
C. Debit Accumulated Depreciation - Equipment 15,000; Credit Depreciation Expense 15,000
D. Debit Depreciation Expense 15,000; Credit Equipment 15,000
Correct Answer
A
Correct Option:
Debit Depreciation Expense 15,000; Credit Accumulated Depreciation - Equipment 15,000

About This Question

This is Gce Model Questions Vol1 2022 Financial Accounting Question 50. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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