The balances of the Depreciation Expense and the Accumulated Depreciation accounts should always be the same.

Name: The balances of the Depreciation Expense and the Accumulated Depreciation accounts should always be the same.
Brand: Quizplus
Rating: 4.8 (49 reviews)

Question

Quizplus · Accepted Answer

Depreciation Expense reflects the amount of depreciation recognized for a specific period (e.g., a year), while Accumulated Depreciation is the total amount of depreciation that has been recorded for an asset since it was put into use, thus they typically have different balances.

The Balances of the Depreciation Expense and the Accumulated Depreciation