When depreciation account is maintained annual depreciation is charged to _________.

Profit and loss A/c

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Asset A/c

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Trading A/c

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None of the Above

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Solution

The correct option is B Asset A/c
Option B is correct One.
The accumulated depreciation account is an asset account with a credit balance (also known as a contra asset account); this means that it appears on the balance sheet as a reduction from the gross amount of fixed assets reported.

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When depreciation account is maintained annual depreciation is charged to _________.

The correct option is B Asset A/cOption B is correct One.The accumulated depreciation account is an asset account with a credit balance (also known as a contra asset account); this means that it appears on the balance sheet as a reduction from the gross amount of fixed assets reported.

The correct option is B Asset A/c
Option B is correct One.
The accumulated depreciation account is an asset account with a credit balance (also known as a contra asset account); this means that it appears on the balance sheet as a reduction from the gross amount of fixed assets reported.