eBook Print References Knowledge Check 01 Which of the following statements about the Accumulated Depreciation account are true? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) This contra-account is subtracted when determining total assets on the balance sheet. It is a balance sheet account. It is an income statement account. Its balance increases each year. It includes the depreciation of only the current accounting year. Its balance decreases each year.

Which of the following statements about the Accumulated Depreciation account are tuue? (You moy select more than one onswer. Single click the box with the question mork to produce o check mark for a correct answer and double cilick the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be outomatically graded os ncorrect.) This contre account is suttracted whea determining fotel asoets on the batance sheet it is a bolance shoot dccount II h ar income stateaient account its buance incienses ivoch yirat It inciudes the dopreciation of oriyy the current accouriting yeat its balnce decieoses eactlyear