Depreciation expense is recorded on the income statement as an expense, representing how much of an asset's value has been used up for that year. It is neither an asset nor a liability. The Bottom Line Companies can depreciate their assets for accounting and tax purposes, and they have ...
However, accumulated depreciation is reported within the asset section of a balance sheet. Is Accumulated Depreciation a Current Liability? Accumulated depreciation is not a liability. A liability is a future financial obligation (i.e., debt) that the company must pay. How Do You Calculate ...
Accumulated depreciation is a (n) account. ( ) A. asset B. liability C. revenue D. expense 点击查看答案手机看题 你可能感兴趣的试题 单项选择题 自行车场地赛中,运动员骑自行车绕圆形赛道运动一周,下列说法正确的是 [ ] A、运动员通过的路程为零 B、运动员发生的位移为零 C、运动员的加速度为零...
C. accumulated depreciation D. long-term debt Accounts: There are many accounts in an accounting system, and these are displayed through the chart of accounts. Each account can be classified as a liability, revenue, expense, equity, or asset ...
Accumulated Depreciation The totaldepreciationon anasset, and not simply the depreciation that is added each year. One may calculate the accumulated depreciation by subtracting the originalvalueof the asset from its currentbook valueor by multiplying the yearly depreciation by the number of years the ...
d. Depreciation expense Closing Entries in Accounting After all the entries for the accounting period have been processed and the adjusted trial balance prepared, the accounting year is closed by recording closing entries to all the temporary acco...
These are recorded on the statement of financial position, or commonly known as the balance sheet. #2. What Is the Journal Entry for Accumulated Depreciation? Accumulated depreciation is typically recorded as a credit entry, to offset its corresponding asset account. While depreciation expense is de...
a portion of its value is deducted as depreciation expense to represent this loss, and those losses are amassed as that asset's accumulated depreciation. Accumulated depreciation represents the total portion of the asset's value that has been lost due to its usage. It is a contra-asset, meani...
Accumulated amortization is the total amount of amortization expense recorded for an intangible asset over its useful life. It reduces the book value of the asset on the balance sheet. How is accumulated amortization different from depreciation?
Answer and Explanation:1 The correct answer isc. Balance Sheet The accumulated depreciation account is a contra-asset account and is deducted from the cost of assets to...