Asked by Alyssa Grant on May 05, 2024
Verified
Accumulated depreciation is a contra ________ and is reported on the ________.
Accumulated Depreciation
The total amount of depreciation expense that has been recorded for an asset since it was put into use, representing the cumulative wear and tear or obsolescence of the asset.
Contra
Contra refers to an account that is used to reduce another account on the financial statements to its net value.
- Identify and describe the concepts of accumulated depreciation and contra asset accounts.
Verified Answer
ZK
Learning Objectives
- Identify and describe the concepts of accumulated depreciation and contra asset accounts.