Answered: Explain whether an error has occurred…

Business

Accounting

Explain whether an error has occurred if a post-closing trial balance includes a Depreciation Expense account.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 11Q: What account types are included in a post-closing trial balance?

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Question

Explain whether an error has occurred if a post-closing
trial balance includes a Depreciation Expense account.

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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