Accounting for IGCSE & O level - Accounting Procedures (Section 11 - No. 45)
In the context of accounting, what does 'accumulated depreciation' represent?
The current market value of an asset.
The total depreciation expense recognized for an asset over its life.
The original cost of an asset.
The depreciation expense for the current period.
Explanation
Accumulated depreciation is the sum of all past depreciation expenses.
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