Accounting for IGCSE & O level - Accounting Procedures (Section 27 - No. 23)
What type of account is 'Accumulated Depreciation' and how is it reported in the financial statements?
An expense account, reported on the income statement.
A contra-asset account, reported on the balance sheet.
An asset account, reported on the balance sheet.
A liability account, reported on the balance sheet.
Explanation
It reduces the value of the asset on the balance sheet.
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