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

question 125

Multiple Choice

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

• A)there should be only one accumulated depreciation account.
• B)there should be a separate accumulated depreciation account for each type of asset.
• C)all the long-term asset accounts will be recorded in one general ledger account.
• D)there won't be a need for an accumulated depreciation account.

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