The Adjusting Entry to Record the Depreciation of a Building

question 120

Multiple Choice

The adjusting entry to record the depreciation of a building for the fiscal period is

• A) debit Depreciation Expense; credit Building
• B) debit Depreciation Expense; credit Accumulated Depreciation
• C) debit Accumulated Depreciation; credit Depreciation Expense
• D) debit Building; credit Depreciation Expense

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Definitions:

Contributory

Relating to or involving contributions; in the context of social security or insurance, it refers to systems where benefits are contingent upon the beneficiary's prior contributions.

Noncontributory

A social welfare program that does not require participants to have contributed to a specific fund in order to receive benefits from it.

Welfare

Government programs designed to assist individuals and families in meeting their basic needs, such as food, housing, and healthcare, often aimed at those living in poverty.

Bill Clinton

The 42nd president of the United States who served from 1993 to 2001, known for implementing policies that contributed to economic growth and stability.