Accumulated Depreciation Accounts Are Liability Accounts

question 56

True/False

Accumulated depreciation accounts are liability accounts.

---

Definitions:

Depreciation Deduction

A tax deduction reflecting the decrease in value of an asset over time, applicable to property used for business or investment.

Depreciation Tables

Charts provided by the IRS to determine the amount of depreciation expense that can be deducted for different types of property over their useful lives.

Land Value

Represents the worth of a piece of land, determined by its location, size, and potential for development or agricultural use.

Depreciation Deduction

A tax deduction that allows the cost of an asset to be spread over its useful life.