A Portable Drill Is Classified as Which of the Following

question 44

Multiple Choice

A portable drill is classified as which of the following?

• A)Accessory equipment
• B)Shopping products
• C)Specialty products
• D)Capital item

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Definitions:

Accumulated Depreciation

The total amount of an asset's cost that has been allocated as depreciation expense since the asset was put into use.

Contra-Asset Account

An account shown on the balance sheet that reduces the value of a related asset, used for accumulated depreciation or allowances for doubtful accounts.

Depreciation Schedule

A table detailing the periodic depreciation expense of an asset over its useful life.

Worksheet

A document that accountants use for planning and preparing adjustments, showing the results of those adjustments before preparing financial statements.