Which of the following statements about accumulated depreciation is not true? A)It is a contra asset account. B)It records the portion or how much of the asset has been used up. C)It is reflected on the Statement of Financial Position. D)It helps determine how much an asset can be sold for.

Question

Quizplus · Accepted Answer

Accumulated depreciation helps determine the book value of an asset, but it does not directly help determine how much an asset can be sold for. The market value of an asset depends on several factors, including supply and demand, competition, and market conditions.

Which of the Following Statements About Accumulated Depreciation Is not