Multiple Choice
Which of the following is a characteristic of accumulated depreciation account?
A) Accumulated depreciation represents cash reserved for asset replacement.
B) Accumulated depreciation account is a contra-liability account.
C) Accumulated depreciation may be disclosed in the notes to the income statement.
D) Accumulated depreciation is reported on the balance sheet as a deduction from the cost of the asset.
Correct Answer:
Verified
Correct Answer:
Verified
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