Asked by

Rahul Patel
on Dec 17, 2024

verifed

Verified

An accumulated depreciation account

A) is a contra liability account.
B) has a normal debit balance.
C) is offset against total assets on the statement of financial position.
D) has a normal credit balance.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset, reducing its carrying value on the balance sheet over time.

Contra Liability

A liability account that decreases the value of the liability to which it is related, essentially serving as a negative liability.

  • Compute the depreciation and comprehend its influence on financial statements.
verifed

Verified Answer

SK
Supriya KhatiwadaDec 18, 2024
Final Answer:
Get Full Answer