Accumulated Depreciation Is a Liability Account and Has a Credit

question 103

True/False

Accumulated Depreciation is a liability account and has a credit normal account balance.

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Definitions:

Amortization Table

A complete schedule of periodic blended loan payments, showing the amount of principal and the amount of interest that comprise each payment so that the loan will be paid off at the end of its term.

Unpaid Principal

The portion of a loan amount that remains to be paid off by the borrower, excluding any interest or other charges.

Property Taxes

Taxes assessed on real estate by the local government, based on the property's value.

Percent Increase

The percentage by which a quantity grows over a specific period of time.