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A fall in the value of a fixed asset due to technological changes is described...

Accounts - Principles of Accounts
WAEC 2018

A fall in the value of a fixed asset due to technological changes is described as?

  • A. superfluity
  • B. wear and tear
  • C. obsolescence
  • D. depletion
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Correct Answer: Option C
Explanation

Obsolescence is a process by which a machine, or in this case, a fixed asset becomes outdated, no longer used or losses value as a result of changes in the level of technology.

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