When the accumulated depreciation is deducted from the long-term asset account, the figure is known as the:

Question

Quizplus · Accepted Answer

The figure obtained after deducting the accumulated depreciation from the long-term asset account is known as the net book value. This represents the value of the asset that the company still has on its books after accounting for depreciation. It is not the market value, replacement value, or liquidation value of the asset.

When the Accumulated Depreciation Is Deducted from the Long-Term Asset