If you must make a choice between classifying accumulated depreciation as an asset or liability, it should be considered an asset, simply because that is where the account is reported in the balance sheet..
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Assume for a particular fixed asset, that you have made asset and depreciation postings over more than one reporting year. Assume also that at least one of those .
Note: Reference cited below, FAS130, remains the most current accounting literature in the United States on this topic. In 1997 the United States Financial Accounting .