If a business has several types of long-lived assets such as equipment, buildings, and trucks,
A) there should be only one accumulated depreciation account.
B) there should be separate accumulated depreciation accounts for each type of long-lived asset.
C) all the long-lived asset accounts will be recorded in one general ledger account.
D) there is no need for an accumulated depreciation account.

Question

Quizplus · Accepted Answer

Each type of long-lived asset (equipment, buildings, trucks) typically has its own accumulated depreciation account to track depreciation separately, reflecting different useful lives and depreciation methods.

If a Business Has Several Types of Long-Lived Assets Such