Accumulated Depreciation

question 139

Multiple Choice

Accumulated Depreciation

• A)increases with a debit.
• B)decreases with a credit.
• C)increases with a credit.
• D)is a adjunct account.

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in net income or loss.

Balance Sheet

A statement of finances that shows the assets, liabilities, and equity of shareholders of a corporation at a certain moment.

Revenue Account

An account that tracks the income earned from normal business operations, such as sales of goods or services, distinguished from other types of income.

Withdrawal Account

A withdrawal account is an account in a partnership or sole proprietorship from which an owner can withdraw his or her share of the business profits.