Which of the following accurately describes the account type and the normal balance of the Accumulated Depreciation account?

Name: Which of the following accurately describes the account type and the normal balance of the Accumulated Depreciation account?
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Question

Quizplus · Accepted Answer

Accumulated Depreciation is a contra-asset account, meaning it is used to reduce the carrying value of the related fixed asset. As such, it has a credit balance to offset the debit balance in the related asset account.

Which of the Following Accurately Describes the Account Type and the Normal