Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation.

 
   

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1. (a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation.

(b) Is it customary for the balances of the two accounts to be equal?

(c) In what financial statements, if any, will each account appear?

2. Describe the nature of the assets that compose the following sections of a balance sheet:

(a) current assets,

(b) property, plant, and equipment.