Accumulated Depreciation and Depreciation Expense are classified, respectively, as
A) expense, contra asset
B) asset, contra liability
C) revenue, asset
D) contra asset, expense

Question

Quizplus · Accepted Answer

Accumulated Depreciation is a contra asset account, meaning it is deducted from the original cost of the asset. Depreciation Expense is an expense account, representing the cost of using the asset over time. Therefore, the best choice is D) contra asset, expense.

Accumulated Depreciation and Depreciation Expense Are Classified, Respectively, as