Assuming there are no impairment losses, the balance in the Accumulated Depreciation account represents the
A)cash fund to be used to replace assets.
B)amount to be deducted from the cost of the asset to arrive at its fair value.
C)amount charged to depreciation expense in the current period.
D)amount charged to depreciation expense since the acquisition of the asset.

Question

Quizplus · Accepted Answer

The balance in the Accumulated Depreciation account represents the total amount charged to depreciation expense since the acquisition of the asset. This account accumulates the depreciation expense recorded each period, reflecting the portion of the asset's cost that has been allocated as an expense over its useful life.

Assuming There Are No Impairment Losses, the Balance in the Accumulated