Accumulated Depreciation Is Classified as a Contra-Asset Account on the Balance

question 213

True/False

Accumulated Depreciation is classified as a contra-asset account on the balance sheet.

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Definitions:

Disbursements

Money paid out by a business or organization for various purposes, including expenses, investments, and dividends.

Average Daily Receipts

The average amount of cash that a business receives on a daily basis, calculated over a specific period.

Cheques

Written, dated, and signed instruments that direct a bank to pay a specific sum of money to the bearer or a designated party.