The Entry to Record Depreciation on a Building Is

question 117

Multiple Choice

The entry to record depreciation on a building is

• A) Accumulated Depreciation-Building - Debit; Building - Credit
• B) Depreciation Expense-Building - Debit; Building - Credit
• C) Depreciation Expense-Building - Debit; Cash - Credit
• D) Depreciation Expense-Building - Debit; Accumulated Depreciation-Building - Credit

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Definitions:

General Partner

A member of a partnership who has unlimited liability and is actively involved in managing the business.

Limited Partner

An investor in a partnership who has limited liability to the extent of their investment in the business and does not participate in day-to-day management.

Limited Partnership

A business partnership where at least one partner has limited liability to the extent of their investment while at least one other has unlimited liability.

General Partners

Individuals in a partnership who are responsible for the management of the partnership and are liable for its debts.