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Which journal entry reflects the deduction of depreciation from the asset account?

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MCQ_SA

Single Answer MCQ

Q-00054302

Debit Asset A/c, Credit Depreciation A/c

Debit Depreciation A/c, Credit Asset A/c

Debit Profit & Loss A/c, Credit Depreciation A/c

Debit Accumulated Depreciation A/c, Credit Asset A/c

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Q1.

What is depreciation?

Q2.

Which method calculates depreciation as a fixed percentage of the book value each year?

Q3.

What factor does NOT affect the calculation of depreciation?

Q4.

What is the salvage value in relation to depreciation?