Depreciation Expense Is a Temporary Account

question 18

True/False

Depreciation expense is a temporary account.

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Definitions:

Abstract Ideals

Concepts or principles that exist in thought or as an idea but do not have a physical or concrete existence.

Social Conventions

Established norms and agreed upon standards of behavior in a society.

Preexisting Rules

Regulations or guidelines that were established before a particular event or situation.

Elaborate Rules

Detailed and sometimes complex guidelines and principles designed to govern behavior or procedural processes.