The Accumulated Depreciation account is reported as:
A) an expense on the income statement.
B) as a contra asset account on the balance sheet.
C) as a liability on the balance sheet.
D) as an expense on the balance sheet.

Question

Quizplus · Accepted Answer

The Accumulated Depreciation account is a contra asset account which is reported on the balance sheet, representing the total amount of depreciation that has been charged against an asset since the date of its acquisition.

The Accumulated Depreciation Account Is Reported As