Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 22 - No. 8)
In the context of a balance sheet, what does "accumulated depreciation" represent?
The total cost of all depreciable assets.
The estimated decline in value of an asset over its useful life.
The current year's depreciation expense.
The market value of the company's assets.
Explanation
Accumulated depreciation is the sum of all the depreciation expense recognized for an asset since it was acquired.
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