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Questions and Answers
What is the accumulated depreciation account called?
What is the accumulated depreciation account called?
- Prepaid asset account
- Expense account
- Liability account
- Contra asset account (correct)
In accounting, what type of account is the accumulated depreciation account?
In accounting, what type of account is the accumulated depreciation account?
- Revenue account
- Equity account
- Asset account
- Expense account (correct)
What is the purpose of the accumulated depreciation account?
What is the purpose of the accumulated depreciation account?
- To record the original cost of assets
- To increase the value of assets
- To track liabilities related to assets
- To offset the balance of asset accounts (correct)
