Provision for depreciation on office furniture is charged to

Assessment: WAEC SSCE - Financial Accounting - 1995 (Objective) Subject: Financial Accounting

Question 1 Report

Provision for depreciation on office furniture is charged to
Answer Details
Provision for depreciation on office furniture is charged to the "profit and loss account". Depreciation is the reduction in the value of an asset over time due to wear and tear, obsolescence, or other factors. As such, it is an expense for the business, and is charged to the profit and loss account. By charging the provision for depreciation to the profit and loss account, the business is able to reflect the true cost of the asset's usage over time, and this helps to provide a more accurate picture of the business's financial performance.
Read lesson note on Accounts Of Not-for-profit-making Organizations (JAMB)
Read lesson note on Stock Valuation (JAMB)
Read lesson note on Nature And Significance Of Accounting (JAMB)
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