Which Statement Is Correct

question 185

Multiple Choice

Which statement is correct?

• A)Accumulated Depreciation should always have a debit balance in the adjusted trial balance.
• B)Accumulated Depreciation is added to the long-term liabilities on the balance sheet.
• C)Accumulated Depreciation - Equipment represents the total cost of equipment that has expired up to the date of the balance sheet.
• D)Accumulated Depreciation is used to reveal the fair value of the related asset on the date of the balance sheet.

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Definitions:

U.S. Currency

The money that is legally in use in the United States, consisting mainly of Federal Reserve Notes (dollar bills).

Federal Reserve

The central banking system of the United States, responsible for monetary policy, including regulation of money supply and interest rates.

U.S. Government Securities

Financial instruments issued by the U.S. Treasury or federal government agencies to finance government spending and obligations.

Assets Component

Parts or elements that make up the total value of assets owned by an individual or organization.