Author Question: What does the credit balance in the Accumulated Depreciation account represent? a. the cost of ... (Read 70 times)

panfilo · **on:** Jul 5, 2018

What does the credit balance in the Accumulated Depreciation account represent?
a. the cost of additional equipment purchased this year
b. the amount of depreciation taken in past years
c. the cost of existing equipment sold during the year
d. the amount of depreciation taken in the current year

Question 2

Which of the following best expresses the kind of information included in notes to the financial statements?

a. notes help to explain differences of opinion between the preparer of financial statements and the auditor.
b. notes contain information essential to a user's understanding of the reporting government's financial position and resource inflows and outflows.
c. notes contain explanations of why the reporting unit did not follow generally accepted accounting principles.
d. notes contain the required management's discussion and analysis.