Accumulated depreciation is a/an Select one: A. expense account B. contra-liability account. C. contra-asset account. D. owners equity account. E. current asset account If a firm capitalizes for depreciation an item that should have been fully expensed in the period that it was purchased, then Select one: A. Expenss will be higher in that period B. Expenses will be lower in that period C. Profits will be higher in the following period D. Profits will be lower in that period E. No conclusion can be drawn without further information