If a Business Has Several Types of Long-Lived Assets Such

question 96

Multiple Choice

If a business has several types of long-lived assets such as equipment, buildings, and trucks,

• A) there should be only one accumulated depreciation account.
• B) there should be separate accumulated depreciation accounts for each type of long-lived asset.
• C) all the long-lived asset accounts will be recorded in one general ledger account.
• D) there is no need for an accumulated depreciation account.

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