Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

The difference between the balance of a plant asset account and the related accumulated depreciation account is termed?

user-image
Question added by Faith Kabui
Date Posted: 2019/05/14
Salome Muriithi
by Salome Muriithi , Account and administrative assistant , Centaurus company Ltd

The account Accumulated Depreciation is a contra asset account because it will have a credit balance. The credit balance is reported in the property, plant and equipment section of the balance sheet and it reduces the cost of the assets to their carrying value or book value

More Questions Like This