Accumulated Depreciation is
A) an expense account.
B) an equity account.
C) a liability account.
D) a contra asset account.

Question

Quizplus · Accepted Answer

Accumulated Depreciation is a contra asset account that represents the total amount of a company's fixed assets that have been depreciated over time. It is used to reduce the value of the assets on the balance sheet and is not a liability or equity account. While depreciation is an expense, Accumulated Depreciation is not classified as an expense account.

Accumulated Depreciation Is