Accumulated depreciation is credited for the amount of depreciation expense for the current period.

Question

Quizplus · Accepted Answer

Accumulated depreciation is a contra-asset account that reflects the depreciation expense over the useful life of an asset. As the asset is depreciated, accumulated depreciation is credited for the amount of depreciation taken in that period. This reduces the asset's book value on the balance sheet. Therefore, the statement that "accumulated depreciation is credited for the amount of depreciation expense for the current period" is true.

Accumulated Depreciation Is Credited for the Amount of Depreciation Expense