Accounting for IGCSE & O level - Accounting Procedures (Section 25 - No. 50)
Which of the following statements best describes accumulated depreciation?
A contra-asset account that reduces the book value.
An expense account that reflects the decrease in value.
An account that records the current market value of the asset.
An account that shows the original cost of the asset.
Explanation
Accumulated depreciation is a contra-asset account that reduces the book value of an asset.
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