Accumulated Depreciation Is an Example of Which of the Following

question 47

Multiple Choice

Accumulated depreciation is an example of which of the following?

• A)Prepaid expense
• B)Deferred expense
• C)Contra account
• D)Accrued expense

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Definitions:

Productive Efficiency

A situation where the economy or a production process is unable to produce more of one good without reducing the production of another good, using available resources in the best way.

Normal Goods

Goods for which demand increases as consumer income rises, and decreases as consumer income falls, reflecting a direct relationship between income and demand.

Competitive Market

A market structure characterized by a large number of buyers and sellers, homogenous products, and no single buyer or seller can influence the market price.

Market Price

The current price at which an asset or service can be bought or sold in a given market.