Which of the following statements about accumulated amortization is NOT true?
A)It is calculated in accordance with the matching principle.
B)It records the portion or how much of the asset has been used up.
C)It is reflected on the balance sheet.
D)It helps determine how much an asset can be sold for.

Question

Quizplus · Accepted Answer

Accumulated amortization does not help determine how much an asset can be sold for. The amount an asset can be sold for is determined by market factors such as supply and demand, not by accounting measures.

Which of the Following Statements About Accumulated Amortization Is NOT