For which of the following accounts would a related Accumulated Depreciation account be recorded?
A) Office Equipment
B) Land
C) Office Supplies
D) Prepaid Rent

Question

Quizplus · Accepted Answer

Accumulated Depreciation is a contra-asset account used to record the total amount of depreciation expense that has been recognized on an asset. Office Equipment is a long-term asset that is subject to depreciation, so it would require a related Accumulated Depreciation account. Land is a non-depreciable asset and would not require an Accumulated Depreciation account. Office Supplies and Prepaid Rent are both current assets and do not require Accumulated Depreciation accounts.

For Which of the Following Accounts Would a Related Accumulated