Accounting for IGCSE & O level - Accounting Procedures (Section 13 - No. 24)
What is accumulated depreciation?
The current market value of the asset.
The total depreciation expense recorded for an asset since its purchase.
The amount of depreciation expense for the current period.
The residual value of the asset.
Explanation
Accumulated depreciation is the cumulative sum of depreciation expenses recognized over the asset's lifespan.
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