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

Question

Quizplus · Accepted Answer

Depreciation Expense is an expense account and is recorded on the income statement. Accumulated Depreciation is a contra asset account and is recorded on the balance sheet.

Depreciation Expense and Accumulated Depreciation Are Classified, Respectively, as