Accumulated Depreciation is a contra-account, meaning it is shown as a negative, in the Fixed Asset section of the Balance Sheet.
depriciation: wear or tear of an asset or estimated life used of an asset
Accrued income is an asset to the Organisation as It has earned the revenue but has not physically receive the funds for it by the end of financial year. It will be classed as a current asset.
Accrued interest which is to be received within 12 months is a current asset.
Accrued income is income which the company has earnd but not yet received and shown as a current asset in balance sheet.
Debit depreciation expenseCredit asset account
depriciation: wear or tear of an asset or estimated life used of an asset
Accrued income is an asset to the Organisation as It has earned the revenue but has not physically receive the funds for it by the end of financial year. It will be classed as a current asset.
Accrued interest which is to be received within 12 months is a current asset.
Reduced the velue of fixed asset
Accrued income is income which the company has earnd but not yet received and shown as a current asset in balance sheet.
Depreciation a/c Dr. To Asset a/c
Debit depreciation expenseCredit asset account
By depriciation a/c to asset a/c
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
no, its a revenue
no
Yes depreciation is a fixed cost of business which is an allocation of fixed asset cost over period of asset life.