If a business has several types of Non-current assets such as equipment, buildings, and trucks,
A) there should be only one accumulated depreciation account.
B) there should be a separate accumulated depreciation account for each type of asset.
C) all the long-term asset accounts will be recorded in one general ledger account.
D) there won't be a need for an accumulated depreciation account.

Question

Quizplus · Accepted Answer

It is best to have a separate accumulated depreciation account for each type of non-current asset to accurately reflect the depreciation of each asset type. This will also make it easier to track the value of each asset type and calculate the net book value.

If a Business Has Several Types of Non-Current Assets Such