Accumulated Depreciation
Accumulated Depreciation (hereinafter, the Account) is a contra-asset account that summarizes or accumulates the amount of depreciation that has been taken on an asset.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Accumulated Depreciation. A contra-asset account that summarizes or accumulates the amount of depreciation that has been taken on an asset.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
