Which of the following is true about depreciation? Depreciation expense is a special kind of prepaid expense. Depreciation is an asset account. Depreciation reflects a decline in an asset’s market value. Depreciation is not an expense account.
Expert Answer
Depreciation expense is a special kind of prepaid expense- False (Depreciation is value of asset charged to profit and loss account due to regular wear and tear in asset )
Depreciation is an asset account – False (Depreciation is an expense account)
Depreciation reflects a decline in an asset’s market value – True
Depreciation is not an expense account – False . (Depreciation
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