Asked by Melina Collins on May 08, 2024
Verified
Accumulated depreciation is reported on the income statement.
Accumulated Depreciation
It refers to the total amount of depreciation expense that has been recorded against an asset over its useful life until the present time.
- Acquire knowledge on the notion and treatment in accounting for depreciation.
Verified Answer
HA
Hassan AhmadMay 15, 2024
Final Answer :
False
Explanation :
Accumulated depreciation is not reported on the income statement. It is reported on the balance sheet as a contra-asset account.
Learning Objectives
- Acquire knowledge on the notion and treatment in accounting for depreciation.