An entry that reflects the using up of a portion of a fixed asset's value would be a(n)________ entry.
A) prepaid expense
B) accrued expense
C) accrued revenue
D) depreciation

Question

Quizplus · Accepted Answer

Depreciation reflects the using up of a portion of a fixed asset's value over time. Prepaid expense refers to paying for an expense in advance, while accrued expense refers to an expense that has been incurred but not yet paid for. Accrued revenue refers to revenue that has been earned but not yet collected.

An Entry That Reflects the Using Up of a Portion