At their April 21, 2016 meeting, the Forsyth County Board of Commissioners proclaimed May 5, 2016 as âDay of Prayerâ in Forsyth County. All are invited to meet outside of the Forsyth County Courthouse in downtown Cumming at 10 a.m. on May 5, for observance of âDay of Prayer.â.
The accumulated depreciation account is an asset account with a credit balance (also known as a contra asset account); this means that it appears on the balance sheet as a reduction from the gross amount of fixed assets reported.
Accumulated depreciation is the grand total of all depreciation expense that has been recognized to date on a fixed asset. As such, it is considered a contra asset account, which means that it contains a negative balance that is intended to offset the asset account with which it is paired, resulting in a net book value. Accumulated depreciation is classified separately from normal asset and liability accounts, for the following reasons: