What type of account is accumulated depreciation?
A)A liability account.
B)An expense account.
C)A contra asset account.
D)An equity account.

Question

Quizplus · Accepted Answer

Accumulated depreciation is a contra asset account. It is used to track the total amount of depreciation that has been charged to an asset over its useful life. As a contra asset account, the balance of accumulated depreciation is subtracted from the asset account to determine the net book value of the asset.

What Type of Account Is Accumulated Depreciation