Accounting for IGCSE & O level - Accounting Procedures (Section 7 - No. 33)
How do you update the records at the end of the accounting year?
Update only the vehicle account.
Update only the provision account.
Update the vehicle account and the provision for depreciation account.
Do not update the records at the end of the year.
Explanation
Both the asset's value and the accumulated depreciation are updated to reflect depreciation charges.
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