Ojong Accounting Hub
Region: CM
Tuesday 10 March 2026 19:14:14 GMT
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Ojong Accounting Hub :
Which statement about Accumulated Depreciation is correct? A) It is an expense account B) It is an income account C) It is a contra-asset account deducted from the asset in the Statement of Financial Position D) It is a liability account
2026-03-10 19:20:07
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Freddie de Tallman 😷 :
thank you Sir I'm from Uganda I love this
2026-03-12 18:06:19
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Ojong Accounting Hub :
If depreciation is recorded using the provision (accumulated depreciation) method, which account is credited? A. Machinery Account B. Accumulated Depreciation Account C. Capital Account D. Bank Account
2026-03-10 19:31:59
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Ojong Accounting Hub :
Which account is credited when recording depreciation? A. Depreciation Expense B. Accumulated Depreciation C. Cash D. Capital
2026-03-10 19:30:40
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Ojong Accounting Hub :
Where is depreciation expense recorded in the financial statements? A. Statement of Financial Position B. Statement of Profit or Loss C. Cash Flow Statement D. Capital Account
2026-03-10 19:32:20
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Ojong Accounting Hub :
When depreciation is charged, which account is debited? A. Asset Account B. Depreciation Expense C. Accumulated Depreciation D. Capital
2026-03-10 19:31:30
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Ojong Accounting Hub :
What is the main purpose of charging depreciation in accounting? A. To reduce the market value of an asset B. To allocate the cost of a non-current asset over its useful life C. To accumulate cash for replacing the asset D. To record the selling price of the asset
2026-03-10 19:19:01
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Ojong Accounting Hub :
A business bought equipment for KSh 900,000. The asset is depreciated using the Reducing Balance Method at 10% per year. Calculate the depreciation charge for the first year.
2026-03-10 19:23:54
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Ojong Accounting Hub :
A company purchased a machine for ₦2,400,000. The machine has a useful life of 4 years and a residual value of ₦400,000. Using the Straight Line Method, calculate the annual depreciation.
2026-03-10 19:23:27
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