Which of the following is contra-asset account?Multiple choice question.Deferred RevenueDepreciation ExpenseAllowance for Doubtful AccountsCommon Stock
Question
Solution 1
Break Down the Problem
- Identify the Type of Accounts:
- Contra-asset accounts are accounts that reduce the value of related asset accounts on the balance sheet.
- Understand the options provided to identify which one qualifies as a contra-asset account.
Relevant Concepts
- ** Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI
Similar Questions
Which of the following is contra-asset account?Multiple choice question.Depreciation ExpenseAllowance for Doubtful AccountsDeferred RevenueCommon Stock
When derecognising a non-current asset, what type of account is the carrying amount of the asset? Contra-asset Expense Liability Asset
Allowance for Doubtful Accounts is a(n) -asset account and has a normal balance. (Enter only one word per blank.)
Which of the following is the contra account for cash books?Group of answer choicesA. Purchases accountB. Bank accountC. Sales accountD. Balance sheet
Which of the following is not a real accounts.Select one:a.Asset b.Liabilityc.Incomed. Capital
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.