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Accumulated Depreciation Quiz

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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?

Revenue account

Equity account

Asset account

Expense account (correct)

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)

Accumulated Depreciation Quiz

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Questions and Answers

What is the accumulated depreciation account called?

In accounting, what type of account is the accumulated depreciation account?

What is the purpose of the accumulated depreciation account?

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