When derecognising a non-current asset, what type of account is the carrying amount of the asset? Contra-asset Expense Liability Asset

Question

When derecognising a non-current asset, what type of account is the carrying amount of the asset? Contra-asset Expense Liability Asset
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Solution 1

The carrying amount of the asset is an Asset account.

Here's why:

  1. The carrying amount of an asset is the original cost of the asset minus any accumulated depreciation, accumulated depletion, accumulated amortization, and accumulated impairment.

  2. The carrying amount is also often called the Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob

Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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