What Type of Account Is Accumulated Depreciation and What Is

question 67

Essay

What type of account is Accumulated depreciation and what is its normal balance?
A) Revenue and debit
B) Expense and debit
C) Contra asset and credit
D) Liability and credit

• A) Revenue and debit
• B) Expense and debit
• C) Contra asset and credit
• D) Liability and credit

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Definitions:

Marginal Revenue

This is the increase in revenue that results from the sale of an additional unit of a product.

Marginal Cost

The change in total production cost that arises when the quantity produced is incremented by one unit.

Demand Curve

A diagram demonstrating how the price of an item correlates with the volume that consumers are ready to acquire at assorted prices.

Marginal Revenue Curve

A visual depiction illustrating the changes in marginal revenue as the level of produced output fluctuates.