Accumulated depreciation is an account which:
A)adjusts plant and equipment so that its balance sheet value approximates its replacement cost.
B)is a long-term liability.
C)is equal to total depreciation expense recorded and decreases total plant and equipment.
D)reduces intangible assets.

Question

Quizplus · Accepted Answer

Accumulated depreciation is a contra-asset account and is used to reduce the total value of plant and equipment on the balance sheet by the amount of depreciation expense recorded over time. It is not a long-term liability or used to adjust intangible assets.

Accumulated Depreciation Is an Account Which