Depreciation expense is the amount that a company's assets are depreciated for a single period such as a quarter or the year. Accumulated depreciation is the total amount of wear to date. Depreciation expense isn't an asset and accumulated depreciation isn't an expense. Depre...
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...
Depreciation expense is considered a non-cash expense because it does not involve a cash transaction. Because of this, thestatement of cash flowsprepared under theindirect methodadds the depreciation expense back to calculatecash flow from operations. The various methods used to calculate depreciati...
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 asset has beenheld. ...
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 ...
c. Service revenue 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 te...
Generally accepted accounting principles (GAAP) dictate that the depreciation of a company asset occurs in the accounting period in which its usage contributes to the generation of revenue. In this way, a business expenses a portion of an asset's value in each year of the asset's useful life...
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...
Understand the types of accounts. The accounts are divided into different groups. Asset and expense accounts have normal debit balances. This means that when the account increases, the amount is posted as a debit. When the balance decreases, a credit is posted. Liability, equity and revenue acc...
The TCJA has also breathed new life into the tax-avoidance rules under Internal Revenue Code Section 531 (the accumulated earnings tax, or AET) and Section 541 (the undistributed personal holding company tax, or PHCT), which had limited applicability in recent years due to high U.S. After ...