Which of the Following Statements Is True

question 83

Multiple Choice

Which of the following statements is true?

• A)The entry to record depreciation expense involves a credit to a liability.
• B)The entry to record depreciation expense involves a credit to depreciation expense.
• C)The entry to record depreciation expense involves a credit to the asset being depreciated.
• D)The entry to record depreciation expense involves a credit to a contra-asset.

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Definitions:

Certified Institute

An organization that has been formally recognized to hold authority or expertise in a particular field or profession.

Strategy

A plan of action or policy designed to achieve a major or overall goal, typically involving resource allocation.

Long-Term Objective

A strategic goal that an organization aims to achieve over an extended period, typically beyond one year, to guide its direction and decisions.

Mission

The fundamental purpose of an organization, summarizing its values, goals, and the path it pursues to serve its stakeholders.