Question

Question content area accumulated depreciation and depreciation expense are classified, respectively, as:________

Answer 1

An accumulated depreciation and depreciation expense are classified, respectively, as expense, contra asset.

What is a Depreciation expense?

This refers to the reduction in the cost of the fixed asset used in the business operations to generate profits as a result of wear and tear. It is a form of non-cash expense that is reported in the income statement. While the accumulated depreciation represents the cumulative depreciation expensed charged ever since the asset was put to use.

In conclusion, the accumulated depreciation account is a contra=asset account that is shown as a reduction from the gross fixed assets in the balance sheet.

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