Accounting for IGCSE & O level - Accounting Procedures (Section 26 - No. 43) | ExamPlay

Accounting for IGCSE & O level - Accounting Procedures (Section 26 - No. 43)

What type of account is the 'Accumulated Depreciation' account?

An asset account

A liability account

A contra-asset account

An expense account

Explanation

Accumulated Depreciation is a contra-asset account, a negative for the asset.

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