Is Accumulated Depreciation a Liability?


Accumulated depreciation is indeed a liability. If you take ownership of something, and it loses value, this can be blamed on you. This might be a car, house, or something else.
Q&A Related to "Is Accumulated Depreciation a Liability?"
1. Look at the accumulated depreciation and depreciation expense account in the general ledger which you have kept throughout the year. Compare that to the amount listed in income
1. Familiarize yourself with what accumulated depreciation is. Accumulated depreciation is the total amount of an asset's cost that has been allocated as depreciation expenses. Accumulated
it is a contra asset (negative) hence thats why it is shown as decreasing amt on the balance sheet. In other words, the contra account of any given account is of the same type. So
It's listed under property and equipment.As booked, it "lowers" thee value of the asset.
1 Additional Answer Answer for: is accumulated depreciation a liability
Is Accumulated Depreciation a Liability?
Accumulated depreciation is not a liability. Accumulated depreciation is a contra-asset. A contra-asset is an account on the balance sheet of a corporation or entity that offsets the balance of a related and corresponding account. Two common examples... More »
Difficulty: Easy
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