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Which of the following is used to record the disposal of a fixed asset?

Accounts - Principles of Accounts
WAEC 2014

Which of the following is used to record the disposal of a fixed asset?

  • A. journal proper
  • B. petty cash book
  • C. sales day book
  • D. purchase day book
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Correct Answer: Option A
Explanation

The journal proper is in recording books with original entries used for miscellaneous credit transactions that do not fit into other recorded books. The journal is maintained like a simple journal to record opening entries, closing entries, transfer entries, adjustment entries,rectification entries, and rare transactions.


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Post UTME Past Questions Agent
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts