Which of the following fixed assets is not depreciable?

Assessment: WAEC SSCE - Financial Accounting - 1996 (Objective) Subject: Financial Accounting

Question 1 Report

Which of the following fixed assets is not depreciable?
Answer Details
Land is the fixed asset that is not depreciable. Land is considered a fixed asset because it is a long-term asset that a company holds for its operations or future use. However, land does not have a limited useful life and its value is not expected to decline over time, therefore, it cannot be depreciated. Buildings, tools, motor vans, and furniture are examples of fixed assets that are depreciable because they have a limited useful life and their value decreases over time.
Read lesson note on Nature And Significance Of Accounting (JAMB)
View Answer

Related Questions

1

Payment is shown in the Balance Sheet as
2

Mr. B sod goods worth N200 on credit to Mr. C. The credit sales should be entered into
3

An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line m...
4

A sales journal is used to record
5

Mr. B sod goods worth N200 on credit to Mr. C. Mr. B should debit this to
6

Which of the following is the book of original entry for all payments and receipts whether by cash or cheque?
7

An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line m...
8

Which of the following is not a cause for the difference between bank statement balance and cash book balance?

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning