Accumulated depreciation and depreciation expense are classified, respectively, as

Accumulated depreciation and depreciation expense are classified, respectively, as a. asset, contra liability b. expense, contra asset c. contra asset, expense d. revenue, asset

C. contra asset, expense
Explanation: The depreciation is an expenditure indicating a decline in the value of the fixed assets due to wear and tear, obsolescence, use, time period, etc. It’s shown on the income statement debit side This is a non-cash item which has no effect on the cash balance. Whereas the accumulated depreciation is an contra asset which reduce the asset balance. It records the depreciation in arrears and reported in the asset side of the balance sheet Like Equipment                                    () Less – Accumulated depreciation () Net value of equipment               ()

the answer would be voluntary exchange – “the act of buyers and sellers freely and willingly engaging in market transactions. moreover, transactions are made in such a way that both the buyer and the seller are better off after the exchange than before it occurred.” hope this : ) -shy

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