Multiple Choice
The Accumulated depreciation account is:
A) a record of the sum of all the depreciation recorded.
B) a contra account to the asset being depreciated.
C) an expense account.
D) both a record of the sum of all the depreciation recorded and a contra account to the asset being depreciated.
Correct Answer:
Verified
Correct Answer:
Verified
Q45: A company received $5,000 for 100 one-year
Q46: In the case of Unearned revenue,the adjusting
Q47: An example of an interim accounting period
Q48: Below is the adjusted trial balance
Q49: In the case of a prepaid expense,the
Q51: A business acquires equipment for $140,000 on
Q52: What type of account is Unearned revenue
Q53: Prepare a statement of owner's equity
Q54: The adjusting entry to record Depreciation expense
Q55: Which of the following is NOT considered