What Type of Account Is Accumulated Depreciation

question 1

Multiple Choice

What type of account is accumulated depreciation?

• A)A liability account.
• B)An expense account.
• C)A contra asset account.
• D)An equity account.

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Definitions:

Income Redistribution

The transfer of income from certain individuals or groups to others through mechanisms like taxes, welfare, and public services to achieve economic equality.

Poverty Rate

The percentage of the population that lives below the national poverty line, indicating the extent of poverty in a country.

Moral Obligation

A duty which one owes, and which one ought to perform, but which he is not legally bound to fulfill.

Rawlsian Justice

A theory of distributional justice that concludes that the social contract emerging from the “original position” would call for an income distribution that would maximize the well-being of the worst-off member of society.