Ask Question
BusinessBusiness
3 October, 05:37

True or false: Accumulated Depreciation is a contra-account to a long-lived asset account, such as Equipment. This means that it is added to the balance of the long-lived asset in the balance sheet.

+4
Answers (1)
  1. 3 October, 07:29
    0
    Answer:FALSE

    Explanation: Accumulated depreciation is a negative account (contra-account) which Describes the total depreciation amount allotted to an asset since it is put into use. Accumulated depreciation is not added to the balance of the long lived asset in the balance sheet.

    When an organization prepares it's balance sheet, it ensures that the depreciation schedule is recorded for all it's assets ensuring that both the cost of the equipment and it's depreciation is documented accordingly. Accumulated depreciation reduces the value of the assets in the balance sheet when added.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “True or false: Accumulated Depreciation is a contra-account to a long-lived asset account, such as Equipment. This means that it is added ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
In an establishment that serves alcohol for on premise consumption and gets less than 50% of its gross receipts from alcohol sales, a cashier can be 16. A. True B. False
Answers (1)
Closely held corporations sell shares of stock to the public. True False
Answers (2)
A weak dollar is normally expected to cause: a. high unemployment and low inflation in the U. S. b. high unemployment and high inflation in the U. S. c. low unemployment and low inflation in the U. S. d. low unemployment and high inflation in the U.
Answers (1)
Franklin has two tasks to complete. He must clean the stables and he must water the horses. He notices that the pitchfork he would use to clean the stables is missing a prong, which will take 30 minutes to fix, at a minimum.
Answers (1)
What is the process of earning interest on interest that you've already earned?
Answers (2)
New Questions in Business
What isn't not a stock derivative
Answers (1)
Marshall's & Co. purchased a corner lot in Eglon City five years ago at a cost of $640,000. The lot was recently appraised at $810,000.
Answers (1)
Jill DesJardines experiences a broken leg when one of the wheels on her new in-line skates falls off as she is skating. The manufacturer: a. is not liable because Jill assumed the risk of in-line skating. b.
Answers (1)
Jessica paid $350,000 for her house in 2010 and sold it six years later for $400,000. What function did the house serve during the time Jessica owned it? O medium of exchange O unit of exchange O unit of account store of value
Answers (1)
Which of the following situations would be considered cyclical unemployment? Choose one or more: A. A college instructor's contract is not renewed because more people are taking online classes and the college does not need as many classroom
Answers (1)
Home » Business » True or false: Accumulated Depreciation is a contra-account to a long-lived asset account, such as Equipment. This means that it is added to the balance of the long-lived asset in the balance sheet.
Sign Up Forgot Password?