Multiple Select Question

Select all that apply

Which of the following is true regarding depreciation of equipment?

Accumulated Depreciation is increased as the equipment is used causing the carrying value to decrease on the balance sheet.

Accumulated Depreciation is a contra$-$account that reports the amount of usefulness used as of the balance sheet date.

Depreciation is reported in Accumulated Depreciation which is netted against the related Equipment account on the balance sheet.

Depreciation directly decreases the Equipment account causing the carrying value to decrease.

Accumulated Depreciation is decreased as the equipment is used causing the carrying value to increase.