The ware and tear of a fixed assets of a company which is chargeable to the company’s financial statement is called _________?

By: |Published on: Dec 1|Categories: Accounting JAMB| 0 comments

A. appreciation
B. amortization
C. provisions
D. depreciation

Correct Answer:

Option D – depreciation

Explanation

Depreciation is the reduction in the service potential of an asset as a result of wear and tear.

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