Asked by
elena guardo
on Nov 15, 2024
Verified
Accumulated Depreciation is a liability account and its normal account balance is a credit.
Accumulated Depreciation
The total amount of depreciation expense charged against an asset over its useful life, reducing its book value.
Liability Account
An accounting record that represents an obligation to pay money to another party, reflects a company's debts or financial obligations.
- Identify the characteristics and treatment of specific accounts such as Accumulated Depreciation, Prepaid Expenses, and Liabilities.
Verified Answer
KS
Learning Objectives
- Identify the characteristics and treatment of specific accounts such as Accumulated Depreciation, Prepaid Expenses, and Liabilities.
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