Depreciation Quiz 1

💥Depreciation Cheat Sheet → https://accountingstuff.com/shop

Can you answer these 5 True or False questions on Depreciation?

1. Depreciation represents is the allocation of an Asset's cost over its useful life. True or False?
2. Depreciation applies to Intangible Assets, not Tangible Assets. True or False?
3. Land always depreciates over time. True or False?
4. Depreciation is recorded as an expense on the Income Statement. True or False?
5. Accumulated Depreciation is a Liability account on the Balance Sheet. True or False?

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