3 Questions
What is the accumulated depreciation account called?
Contra asset account
In accounting, what type of account is the accumulated depreciation account?
Expense account
What is the purpose of the accumulated depreciation account?
To offset the balance of asset accounts
Test your knowledge of accounting terms with this quiz on accumulated depreciation. Identify the correct category for the accumulated depreciation account and choose from multiple options including prepaid asset, contra asset, expense, and liability accounts.
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