Asked by Maria Mendez on Jun 30, 2024
Verified
The normal balance of the accumulated depreciation account is a debit.
Accumulated Depreciation
The cumulative depreciation of an asset up to a single point in its life, reflecting its decrease in value over time.
Debit
A bookkeeping entry that boosts an asset or expense account, or reduces a liability or equity account.
- Recognize the principles and accounting treatment for depreciation of fixed assets.
Verified Answer
ZK
Zybrea KnightJul 02, 2024
Final Answer :
False
Explanation :
The normal balance of the accumulated depreciation account is a credit because it is a contra asset account that reduces the value of the asset it is associated with.
Learning Objectives
- Recognize the principles and accounting treatment for depreciation of fixed assets.