Question 2 2 pts 1. asset accounts like Equipment and are handled differently than other asset accounts. The expired portion of the cost of such an asset is estimated based on its useful life and recorded as depreciation expense. This requires no cash outlay, despite being an expense. Capital asset accounts themselves are not reduced by the depreciation expense; rather, a asset account is set up in order to show the asset at its carrying value on the statement of financial position. 3 pts Question 3 3 pts 1. An account is an general ledger record used only at year-end to accumulate all revenue and expense balances, and to reduce their general ledger accounts to at the end of the fiscal year. This account summarises the income (or net loss) for the year. It is closed to the Retained Earnings account at year-end